- Leases struck for SEQ industrial properties.
- Over 22,000 sqm of land for sale in Western Sydney.
- A Newcastle development has been approved.
From inner city Sydney to Newcastle and beyond, today’s wrap is a varied mix of industrial, residential, and office.
LEASED
Two leases secured across SEQ
Frasers Property Industrial has confirmed two new leases totalling 35,000 square metres (sqm) in South East Queensland.
One of these deals is a five-year lease with one of Australia’s largest fourth-party logistics (4PL) companies, efm Logistics, which has committed to a five-year lease on an 18,427 sqm facility at SC1 Archerfield in Yatala. The new lease takes the Archerfield estate to more than half committed.
At the 60-hectare Premium Estate Vantage Yatala in Yatala, Australia’s largest privately owned agriculture distributer, PFG Australia, has committed to an 8,727 sqm speculative facility to support the company’s growing international operations and continued expansion in Australia.
Appointed builder Hindmarsh will construct the facility with a 14.6 metre roof height, 12.5 tonne post-load, a 40 metre super awning to provide 2,372 sqm of all weather operation hardstand and a modern, two-storey office spanning 495 sqm.
ANNOUNCED
Newcastle project approved
The West Village development at 711 Hunter Street has received approval from the Hunter Central Coast Regional Planning Panel.
Designed by Plus Architecture for developers Spotlight Property Group and St Hilliers, the mixed-use precinct will have 1,400 sqm of curated ground plane experience, featuring podium levels of 16 retail and commercial tenancies, and multi-storey food and beverage opportunities including an open-air bar. Above will sit two towers, home to 257 one to four bedroom apartments and penthouses.
“As Newcastle, like other regional hubs across Australia expands at pace, it’s critical that new developments are designed with the long-term in mind, and consider the varying and changing needs of their users,” said Plus Architecture director and project lead, Rido Pin.
FOR SALE
Mungo Scott Building listed
A six-storey property in Sydney’s inner west has come to market. The property at 18 Flour Mill Way, Summer Hill, is also known as the Mungo Scott Building. It is the centrepiece of the recently redeveloped The Flour Mill of Summer Hill masterplanned community.
Originally constructed in 1922 and operated as a flour mill and silo, the Mungo Scott Building presents a stunning restoration and conversion of an iconic heritage building into a modern commercial office building, with retail on the ground floor.
It underwent a $10.5 million base building refurbishment in 2018, with improvements including new air conditioning, mechanical services, toilet amenities, modern stairs and a lift. Additionally, circa $2.3 million has been spent on speculative fitouts throughout the building to date.
It is now being taken to the market by owner EG via an expressions of interest campaign run by Knight Frank’s Jonathan Vaughan, Anthony Pirrottina, and Demi Carigliano and GJS Property’s Jason Wright, Chris Bailey and Liz Assadourian.
The building is more than 84% occupied by 15 tenants, all of which are small to medium enterprises, including COPOSIT, Jannawi and MS Australia, with a coffee roaster (Tank Stream Roasters) leasing the ground floor space with supplementary café (STCA).
It has a 3.66 year WALE by income with a net passing income of $1,218,675 and a potential fully leased net income of $1,608,986.
Over 22,100 sqm on offer in Western Sydney
A vacant block of land located at 6 Townson Road in Marsden Park (Colebee) has come to market. The site benefits from DA approval for a bulky goods development across circa 7,237 sqm of flexible B5 zoned land.
The Colliers team of Frank Oliveri, Paul McGlynn, and Jordan McConnell, have the listing, in conjunction with Matthew Herrett and Andrew Smith of Link Property Services.
“Richmond Road is the major arterial thoroughfare for the area and has undergone significant upgrades including new intersections. This is all driven by the Northwest Growth corridor’s urban expansion and growth in commercial enterprise across the region,” said McGlynn.
The expressions of interest closes 25 October.
