- Sydney office and Gold Coast childcare sold for almost $30M
- Owner-occupier acquires $4M Smithfield industrial property
- IP Generation acquires Craigieburn Central shopping centre for $300M
In today’s wrap of east coast deals, Centuria Capital Group (ASX: CNI) secures premiums on Gold Coast and Sydney sales, a Smithfield property on Sammut Street sold for $4 million, and a Melburnian shopping centre is acquired for $300 million.
Centuria office and childcare sold
The ASX-200 listed company has sold a South Eveligh office for $18.25 million, and a Robina childcare for $8.8 million. The sale prices reflect 14% and 4.7% premiums, respectively, to the December 2022 book values.
The Belltower is located at 6 Cornwallis Street, South Eveleigh, New South Wales; Centuria noted contracts exchanged for the property on Friday 21 April. The 1,148-square-metre office building was originally built in 1887 as part of the Eveleigh Locomotive Workshop’s Manager Office.
In the early 2000s, it formed part of a wider regeneration masterplan, transforming the area into a technology precinct that is now occupied by the Commonwealth Bank, Channel 7, CSIRO’s Data61, Cicada Innovations, and the University of Sydney’s Institute of Agriculture and School of Life and Environmental Sciences.
The Robina childcare centre is operated by Papilio Early Learning and Kindergarten and sold at auction at the end of March. Located at 60 Investigator Drive, the property sold at a 21% premium to its 2020 price, according to Centuria. The company said the property is 100% occupied on a net lease term, with CPI-linked positive rent reviews and has a 12.8-year WALE.
The childcare property is within the masterplanned Robina Health Precinct, benefitting from the Robina Hospital and Robina Town Centre’s retail and leisure precinct. It is also part of the southwest Gold Coast’s desirable school catchment being 80 metres from the Robina State High School and within proximity to other private and public schools.
Both assets were bought by private investors.
Knight Frank’s Jonathan Vaughan and Tim Holtsbaum and Karbon Property Josh Watts and James McCourt were the appointed sales agents for The Belltower. Burgess Rawson’s Natalie Couper was the auctioneer for the Robina childcare.
Sammut Street property acquired for $4M
An owner-occupier specialising in powder coating and fabrication has purchased an industrial warehouse in Smithfield to relocate its current operations.
Located at 8 Sammut Street, Smithfield, the propery sold for $3,950,000, representing a sales rate of $4,876 per sqm on a building of 810sqm and a large land area of 1,398sqm.
CBRE’s Janet Joljian brokered the deal via Private Treaty.
“This is the second property CBRE has sold on Sammut Street within the last six months, highlighting that demand for industrial space is increasing,” said Jolijan.
“The purchaser was attracted to the building due to its functionality, dual access and freestanding nature as well as the investment opportunity which the property presented, by having a short-term lease in place.”
Melbourne shopping centre sold
The Craigieburn Central shopping centre has been acquired by IP Generation from LendLease’s Australian Prime Property Fund (APPF) and co-owner Lendlease Group for $300 million, before transaction costs and settlement adjustments; APPF Retail held a 75% interest in the Centre, with Lendlease Group holding a 25% interest.
Craigieburn Central has taken the crown from Grand Plaza Shopping Centre in Brisbane as the most competitive outcome for a regional shopping centre; CBRE sold Grand Plaza to EG Funds on behalf of Invesco in early 2022.
Simon Rooney, CBRE’s Head of Retail Capital Markets, Pacific, negotiated the Craigieburn sale on behalf of the vendors, representing the largest retail transaction in Victoria since 2018 and nationally since December 2021.
“The sale was a highly competitive pricing outcome for APPF Retail and Lendlease, simply reflective of the attractive inherent, long term and deep value fundamentals Craigieburn Central offers, valued accordingly by proactive private capital that dominates the retail investment landscape across Australia at present,” said Rooney.
“The retail sector is set to benefit from migration, resilient spend in the face of already high interest rates and very low new supply in the market after a period of under-investment in the sector,” added Rooney.
