- An office in Brisbane's inner city suburb of Milton sold for over $5M.
- Australia's largest horseradish farm has been listed for sale.
- A mixed-use development in Shenton Park has been completed.
From offices to Australia’s largest horseradish farm, the latest sales, leases, and listings are a delight to the senses.
An inner city office in Brisbane was sold, while an inner city office in Perth has hit the market. Melburnian warehouses were leased out prior to completion, and this week’s listings are a varied mix.
SOLD
Milton office sold for over $5M
A 1,025 square metre commercial office on 18 Finchley Street in Milton has been sold for $5.025 million to a local owner occupier.
The 1,025 square metre property attracted over 80 enquiries.
Colliers Queensland director of investment services Nick Wedge said Milton was fast becoming one of Brisbane’s best performing commercial precincts.
“This is now the fourth building on Finchley Street we have sold in recent years and over $61 million in total sales in Milton during the same period,” said Wedge.
“The property is a well-appointed office building that is currently 62% occupied with a mix of short and long team leases in place, providing the owner occupier purchaser a quality commercial premises with the benefit of passing income.
“The 1,216 sqm site consists of a three storey commercial building, providing dual access points from Finchley Street and onsite car parking for 26 bays.”
MILESTONE
Victoria House in Shenton Park completed
Hesperia’s mixed-use development at Montario Quarter in Shenton Park has now been completed.
Residents recently moved into three new boutique buildings, while high-profile commercial tenants Hot Bread Retail Group (North Street Store, Big Loaf) and Western Kids Health have made the renovated heritage building home.
“We are incredibly pleased to see Victoria House reach completion, with almost all purchasers now living in their new home,” said Hesperia director, Kyle Jeavons.
“This project exemplifies Hesperia’s philosophy of potential in place – incorporating heritage, innovative new design and sustainability to create a new vibrant community.”
Residences are centred around the original 1938 State-heritage listed Victoria House building, previously the Shenton Park Rehabilitation Hospital. Hesperia took the opportunity to revitalise the original building, celebrating its historic significance while breathing new life as a health-centred community hub for a new generation.
LEASED
Pakenham warehouses leased before completion
Three speculatively built warehouses in the Melbourne suburb of Pakenham have been leased out prior to completion.
The past month has seen three major deals signed along McGregor Road, totalling 12,380 square metres of total building area.
JLL Victoria’s director for industrial, Al Armstrong, said the private investor-owned buildings were all leased for an average of $107 per square metre on long term leases prior to practical completion.
“The occupiers were running briefs across South East Melbourne and chose Pakenham over Dandenong and other core markets due to the lower cost base and the rapidly expanding population base,” he said.
The deals were also completed with minimal incentives and at rental levels far over initial expectations, said JLL associate director for industrial leasing, Ivo Redmond.
“There’s been strong absorption in Pakenham for speculative buildings and more engagement from occupiers prepared to move out there to take advantage of the improving infrastructure,” he said.
JLL negotiated the leases alongside Cameron Industrial’s James Roux and Max Weinzeral.
FOR SALE
Langhorne Creek brand and farm hits the market
Australia’s largest horseradish farm, Newman’s Horseradish, has been listed for sale, coming to market for the first time in over 70 years.
Colliers’ Nick Goode and Tim Altschwager have been appointed to market the sale of the vertically integrated business, including intellectual property and land assets, which have been developed and continually improved and refined since the Meakins family expanded its operation in Langhorne Creek in 1985.
The business also includes the assets of Rusticana Wines, which operates out of the cellar door on the property.
Goode said the Newman’s Horseradish business was underpinned by a high-quality horticultural landholding at Langhorne Creek, which has access to abundant water from multiple resources for irrigation and the ability to grow produce over an extended period through rotations.
“The farm spans over 27 hectares and the improvements are substantial, including the seven hectare pivot site, vineyard, homestead and cellar door as well as high quality shedding and of course the production line for the business.”
The property and business assets of Newman’s Horseradish and Rusticana Wines, including farmland, water assets, plant and equipment are for sale by expressions of interest, with first stage non-binding indicative offers due by 4 pm (ACST) on Thursday 28 September.
Waverton apartment block expected to fetch $3.5M
A recently refurbished Waverton apartment block has been listed for sale by a local couple who have owned and operated the building for 26 years.
Located at 46 Bay Road, the north-facing block comprises two three-bedroom units, two studio units and four off-street parking spaces.
CBRE’s Toby Silk and Angus Beevers are managing the sale, with an auction being held on September 26, 2023.
“This apartment block represents a solid investment opportunity with potential for growth. There’s an opportunity to increase rents in line with market rates and the potential to strata title the property (SCTA), allowing for the individual sale of units,” said Beevers.
“The property is set to capitalise from further rental growth fueled by the current rental crisis in Sydney. Market data reveals that median rent values have shot up significantly in recent years, with vacancy rates at all-time lows. This is set to continue with a surge in the number of international students and graduates in Australia and a lackluster housing pipeline,” added Silk.
South Perth office listed
A three level office at 78 Mill Point Road in South Perth has been listed for sale with Knight Frank.
It has 1,266 square metres of net lettable area (NLA) with 33 undercover car bays on a 1,333 square metre site. The asset is 96% occupied with eight tenants, and has a net passing income of $245,467 per annum.
The property will be taken to the market via an offers to purchase campaign run by Tony Delich and Cory Dell’Olio on behalf of a private partnership.
Price expectations are from $7 million.
The campaign closes on Thursday 28 September 2023.
