Deals of the Week: 13 September 2019

Deals of the Week: 13 September 2019

MELBOURNE: Pace Development Group has purchased a retail site in Fitzroy with early plans for a mixed-use residential project at the development-ready site. The Melbourne-based developer purchased the 2,411sq m property on the corner of Johnston Street, Gore Street and Argyle Street from a private owner for $20 million.—The Urban Developer.

NATIONAL: Student accommodation operator Scape Australia has acquired the 3,500-plus bed Atira portfolio in a near-$700 million deal as it firms up its presence in Australia’s student property sector.The rapidly-expanding operator secured the backing of Allianz Real Estate and AXA for the deal, launching a new core fund with a $1.5 billion mandate.—The Urban Developer.

BRISBANE: Brisbane-based investment manager Marquette Properties has snapped up a prime corner retail asset in central Brisbane for $77 million, quickly moving to undertake major refurbishment works.—The Urban Developer.

SORRENTO: Hotelier Julian Gerner has sold Sorrento’s landmark Continental Hotel after his joint-partner in its $80 million redevelopment collapsed midway through construction. Mr Gerner had partnered with Steller development group to redevelop the heritage-listed Italianate-style hotel into an upmarket dining and events centre, adding a 100-room hotel behind it.—The Sydney Morning Herald.

MELBOURNE: Frasers Property has purchased a 43-hectare land parcel from a private syndicate in Melbourne’s west for $27.5 million. The land buy marks the second major Melbourne purchase for Frasers in the past 12-months, following the acquisition of a 41.3-hectare land parcel in Dandenong South.—The Urban Developer.

MELBOURNE: An offshore investor has snapped up the Victoria Carpets head office in the south-east Melbourne suburb of Dandenong for $14.75 million. The off-market sale represents a yield of 5.6 per cent and a premium for the area. It is understood that the sale was buoyed by the anticipated arrival of supermarket giant Kaufland, which is set to occupy the adjoining site starting next year.—The AFR.

HOBART: Super fund TasPlan has sold the Telstra Centre in the heart of the Hobart CBD to a Melbourne-based investor for around $35 million, in the city’s second-largest office property sale to date.—The AFR.