Deals of the Week: 13 December 2019

Deals of the Week: 13 December 2019

MELBOURNE: A local buyer has snapped up a sprawling 1,963sq m prime commercial landholding in Camberwell for $10,050,000, outbidding numerous offshore and local buyers, and securing the property with a short 23-day settlement. 398- 410 Burke Road comprises six adjoining retail and commercial freehold buildings within the boutique South Camberwell Retail Village, near Stockland Tooronga Shopping Centre, Camberwell Junction, and Monash Freeway.—Savills.

TOWNSVILLE: A prime Townsville CBD commercial asset which will accommodate Commonwealth Government staff for the next ten years has been snapped up by Sydney-based investment firm PortNordica. The price is understood to be around $26 million. The sale of the 11 Liverpool Place property was struck a yield of sub 6%.—CBRE.

SYDNEY: Sydney-based developer Stasia is a step closer to securing approval for a $65 million commercial building in Sydney’s Surry Hills, securing workplace safety start-up SafetyCulture as the building’s sole tenant. Stasia, which is based in Surry Hills—and has worked predominantly on projects in and around the suburb, secured neighbouring startup SafetyCulture as the building’s tenant, with upwards of 500 permanent desks expected for its staff.—The Urban Developer.

CAIRNS: New Zealand’s Giarn family has acquired the Hotel Cairns in its first Australian foray. The family, which owns and operates hotels in New Zealand, secured the CBD property after an Expressions of Interest campaign that closed in September. The hotel will join the Wyndham Hotels & Resorts group and be rebranded as Ramada By Wyndham Cairns City Centre.—CBRE.

SYDNEY: The sale of a prominent retail complex in Woollahra has topped off a year of strong prices for commercial properties in Sydney’s eastern suburbs, with investors seemingly undeterred by sliding consumer sentiment. The Grosvenor – at 156 Edgecliff Road, Woollahra – has sold to a private investor following an expressions-of-interest campaign managed by Matt Pontey and Tom Barnier of Colliers International, and Felix Lev of SQM Commercial.

CENTRAL COAST: Local stalwarts Geordie Clark and his brother-in-law James Henty have sold the Kincumber Hotel to the Hunter Hotel Group for $15 million in an off-market transaction. The property on a 8582sq m site rakes in an annual revenue of $6.8 million. The rear section of the hotel has also been subdivided and refurbished. Just north of Kincumber, Hunt Hospitality has also divested its Lakeside Village Tavern, a Raymond Terrace pub hotel in Newcastle, for $12 million.—AFR.

MELBOURNE: Singapore’s The Straits Trading Company Limited has beefed up its Australian industrial portfolio after buying an estate in Melbourne’s south east from Asian logistics platform ESR for $24 million. The seven-building property at 677 Springvale Road in Mulgrave is spread across 2.25 hectares and includes 12,157 square metres of lettable office and industrial space.—AFR.