Deals of the Week: 20 March 2020

Deals of the Week: 20 March 2020

TASMANIA: Singapore’s Fragrance Group, controlled by billionaire developer Koh Wee Meng, has defied the global tourism gloom, acquiring a new hotel in Devonport on Tasmania’s north-west coast for about $40 million.—AFR

MELBOURNE: A prominent corner retail property has fetched $5.02 million at auction in a hotly contested battle between 8 bidders and with a total of more than 100 bids. Savills Melbourne agents Jesse Radisich, Nick Peden & Mark Stafford ran the auction campaign for 462-464 Sydney Road, Brunswick (Corner Victoria Street) which achieved a result of $2,220,000 (78%) above initial expectations.—SMH

QUEENSLAND: Property fund manager OzProp Capital has acquired a portfolio of three south-east Queensland assets – two logistics properties and one large-format retail property – for $32 million. The Gold Coast-based outfit is seeking to raise $19.77 million from wholesale investors to acquire the assets, which have a total net lettable area of 11,096sq m and are fully leased with a weighted average lease expiry of eight years.—AFR   

SYDNEY: A private buyer has swooped on an office block in Sydney’s central precinct for close to $80m, with the deal being finalised in a sign that wealthy players are willing to step up even if institutions pull back. The purchase of 191 Thomas Street in Haymarket, a touch above initial marketing hopes, is a pointer to the pools of private capital that my be waiting to pounce following dislocation by the coronavirus.—The Australian