Australian property market wrap 26 September 2023
Image: Canva.
  • Three Cairns commercial properties sold within days of being listed.
  • DA lodged for a Gold Coast apartment and hotel.
  • Remainder of an estate in Victoria comes to market.

The week kicks off with a public holiday in Western Australia, and an assortment of activity across the regions.

The latest includes sales, listings, and announcements, in Cairns, the Gold Coast, Alexandra, and the outer Melbourne suburb of Sunbury.


Cairns commercial flies off the market

Three properties have been sold by CBRE across Cairns just days after coming to market.

The Dulux Paint building at 77-79 Scott Street, Bungalow sold for $1.84 million. The 718 sqm warehouse was built in 2005 and has a five-year rolling lease to Dulux Paint, with a total net rental of $115,937 per annum

The O’Brien Auto Glass building at 430 Sheridan Street sold for $1.79 million. The 1400 sqm site has a five-year rolling lease to O’Brien Auto Glass and has a total net rental of $110,080.

A commercial building on the corner of Aplin Street and Grafton Street sold for $1.27 million. The two-storey building has a total net income of $68,490 from leases with Immigration Gurus and Cairns Commercial Property.

CBRE’s Danny Betros, Jay Beattie, and Joanne Brown brokered the deals which attracted interest from local and national investors.

“Even amongst headwinds, the Cairns investment market remains relatively confident with either well-located properties or properties improved by tenants,” said Betros.


DA lodged for hotel and residence at North Kirra Beach

Leading Queensland property developer MAYD Group has lodged a development application for its North Kirra property project, a $350 million hotel and residential masterplan development that will transform its prime beachfront site overlooking North Kirra Beach on the Gold Coast.

The amalgamation of eight sites fronting Pacific Parade, Golden Four Drive and Musgrave Street at North Kirra on the Gold Coast has given MAYD Group an opportunity to create a five-star hotel and residential masterplan of high distinction.

Expanding over 4742 sqm, the site at the southern end of the Gold Coast will encompass a five-star hotel building and a separate 10-level residential apartment building with 60 residences, including two penthouses and five double-storey beach houses, on the beachfront with unobstructed views of North Kirra Beach.

Final stage of country project revealed

Boutique Melbourne property developer Kervale has unveiled the final stage of its latest country project, marking the completion of Pellarin Estate in the historic township of Alexandra, Victoria.

Nestled between Goulburn Valley Highway, Pellarin Estate is located 140 kilometres northeast of Melbourne, and 35 kilometres northeast of Yea. It has been completed over three stages, with the final stage 3 properties transferring to homeowners through July and August.

Centrally located to Mansfield and Euroa, the estate caters to first-home buyers, young families and retirees, and consists of a low-density residential subdivision, comprising 70 lots. With lot sizes ranging from 4000 sqm to 7842 sqm, the properties have seen purchasers design their dream homes and country retreats.


Remainder of Victorian estate listed

Longstanding developer Townshend Group is divesting the balance of Canterbury Hills Estate in Sunbury, Victoria, having delivered 13 of the 46 potential stages. The estate adjoins the suburb’s north-western residential boundary and is amongst the largest in the area, offering approximately 205 hectares of prime land.

With the initial development plan approved two decades ago, around 300 homes have been successfully delivered, contributing to an established community. An incoming developer could potentially deliver over 840 lots as part of the remaining stages.

The property is being marketed by selling agents Julian Heatherich and Benson Zhou of Savills Australia and New Zealand.

The remaining master planned area of approximately 85 hectares is being offered along with a Green Wedge parcel to the immediate north comprising approximately 120 hectares of land.

“In addition to the more than 840 lots, the opportunity incorporates scenic green spaces, medium-density housing potential, and scope for circa 19 rural living lots at the Green Wedge parcel,” said Heatherich.

The property is for sale via an expressions of interest process closing Wednesday, 18 October at 2 pm.

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