australian property market wrap 09102023
This carpark is among the properties listed for sale on today’s wrap. Image: Supplied.
  • Merrylands commercial building purchased for $2.6M.
  • Perth CBD carpark comes to market.
  • Major Sydney retail leasehold interest listed.

Today’s veritable mix includes properties from around the nation and across multiple sectors, including retail, restaurants, office, and car parks.


Merrylands property sold for $2.6M

A Sydney-based owner-operator has purchased a two-storey commercial building at 91 Merrylands Road; it is the building’s first transaction after 45 years of ownership by a local accountant.

The 513 sqm building has two tenancies. The ground floor has a passing income of $63,005 per annum, expiring June 2024 and the first floor has a periodic tenancy returning $4,000 per month.

CBRE’s Robert Dowdy managed the sale of the property which recently went to auction.

“The property was sought after with over 150 enquiries received and had 12 registered bidders on auction day. The majority of interest came from owner-occupiers such as lawyers, doctors, accountants and community groups,” said Dowdy.

91 merrylands road merrylands sold for 2.6 million dollars
Image: Supplied.

Miznon opens second Australian venue in Collingwood

Colliers has secured the second Australian venue for the international restaurant Miznon in Collingwood, following the success of their first venue at Hardware Lane in Melbourne CBD.

The deal was negotiated off-market in less than a week by Colliers’ retail leasing manager Tom Larwill, who said the restauranteur was instantly drawn to the vibrant Collingwood location, which is quickly becoming a hotspot for food and beverage operators looking to expand and open new concepts.

The second Melbourne venue on 45 Derby Street, Collingwood, is expected to open in November 2023.

“The Collingwood and broader Yarra LGA is forecasted to see +20% growth in population by 2032, representing a significant growth region close to the Melbourne CBD,” said Colliers’ associate director of research, Nik Potter.

“The consistent growth and investment in both office and residential development will continue to underpin the success of hospitality and retail within the precinct, and we expect interest in the area to continue,” added Larwill.

minzon second melbourne restaurant to open november 2023 collingwood
Image: Supplied.


Perth CBD car park comes to market

ASX-listed property owner and fund management company GDI Property Group has listed a 10-level Perth CBD car park for sale.

Located at 419-431 Murray Street, the 839-bay car park is operated under a five-year management agreement with Wilson Parking, a subsidiary of Hong Kong-based property developer Sun Hung Kai Properties.

The asset is one of Perth’s largest purpose-built parking facilities and is situated on a substantial 3,667 sqm landholding offering future mixed-use development potential.

CBRE‘s Aaron Desange and Nicholas Volk are managing the sale via an expressions of interest campaign closing 2 November.

“419-431 Murray Street offers a stabilised income profile with immediate growth prospects. The ongoing gentrification of the western end of the Perth CBD and the completion of ECU in 2026 will continue to underpin revenue growth,” said Desange.

“With FY23 net income having grown by 52% over the previous 12 months, there is a pathway for further near-term growth with the re-leasing of QV1, Dynons Plaza and the drawcard of new leisure and entertainment options in the area,” added Volk.

“The outperformance of Perth’s office market will further underpin income growth, with the highest utilisation rates in the country above 80%, offering the potential for attractive distribution yields for an incoming purchaser.”

Image: Supplied.

Retail leasehold interest listed

Darling Square Retail has been exclusively listed for sale through Colliers.

Colliers’ managing director of retail capital markets, Lachlan MacGillivray, is marketing a 100% leasehold interest in Darling Square Retail on behalf of Lendlease, with the offering comprising the North East, South East and South West retail stratums.

The precinct features 44 retailers across a total footprint of 9,639 sqm, while also providing 100% occupancy across 4,516 sqm of GLA.

Located at the crossroads of the Sydney CBD, Darling Harbour, Haymarket and the Chinatown districts, Darling Square Retail attracts a high level of foot traffic while also being highly connected to the broader Sydney Metropolitan area through bus, light rail and train networks.

Completed in 2019, the Darling Square precinct is an eclectic mix of approximately 1,500 residential units, 26,000 sqm of commercial office space, 12,000 sqm of retail community and leisure uses, 1,300 bed student accommodation and a 590-room luxury hotel.

A 100% leasehold interest in Darling Square Retail, Haymarket, is being offered for sale via EoI closing 20 October.

Darling Square Retail
Image: Supplied.

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