Deals of the Week: 20 December 2019

Deals of the Week: 20 December 2019

MELBOURNE: The University of Melbourne has strengthened its control of future development around its Parkville campus after buying two nearby office buildings on a corner site from the Red Cross for about $46 million. Australia’s top-ranked university exchanged contracts to buy the charity’s former head office at 165 Bouverie Street and 155 Pelham Street in neighbouring Carlton.—AFR.

MELBOURNE: A high-profile suburban office building on Doncaster Hill has sold for over $15,000,000 following an off-market campaign. An undisclosed buyer acquired the 651 Doncaster Road building, which has been controlled by the same private family for close to three decades.—CBRE.

SYDNEY: The Huang family has sold the “Buckley’s Bar” site on Sydney’s Circular Quay for $25.1 million after two years of ownership. A Macao-based investor snapped up the waterfront asset on a deal reflecting a 3.5 per cent net yield. The strata titled property has a total net lease area of 408sq m, including 256sq m of Quayside promenade.—The Urban Developer.

BRISBANE: An office asset in Brisbane’s golden triangle has changed hands, with Prime Super and advisor Whitehelm Capital snapping up the 313 Adelaide Street CBD tower in an off-market deal. International funds house DWS divested the 21-level tower in a transaction understood to be worth close to $160 million.—The Urban Developer.

GOLD COAST: Macau casino boss Loi Keong Kuong has exchanged contracts to buy Surfers Paradise retail centre Circle on Cavill from EG Funds Management for about $65 million. Mr Loi had earlier purchased Gold Coast shopping centre Soul Boardwalk, at the base of the $850 million Soul tower at Surfers Paradise, for $90 million in June 2018.—AFR.

SYDNEY: Macau-backed private investment group Daybreak Holding Australia has snapped up the art deco home of two of Sydney’s finest restaurants, Rockpool Bar & Grill and Spice Temple, in the Sydney CBD for $40 million. Its previous owner, Spanish company Allegra European Holdings, settled the sale about a week ago in a deal cut by Blueprint Property’s Manuel Pavia and Anthony Malek.—AFR.