Deals of the Week: 22 November 2019

Deals of the Week: 22 November 2019

SYDNEY: A character warehouse in Sydney’s inner west that was once part of the Cyclops toy factory has sold for $38 million, following a campaign that generated strong buyer interest. The 6,931sq m property at 40-76 William Street in Leichhardt, which currently houses a 10,060sq m four-level commercial building rented to a self-storage facility, was marketed via an International Expressions of Interest (EOI) campaign run by Knight Frank agents Demi Carigliano, Scott Timbrell and Anthony Pirrottina.

NORTH SYDNEY: Private-equity-backed data centre start-up AirTrunk is set to launch one of its biggest single facilities yet, with an investment into a north Sydney operation to rise past $1 billion. Dubbed SYD2, the facility is set to open in 2020 and will eventually deliver more than 110 MW of IT load over four hectares of land.—AFR.

NORTH SYDNEY: CBRE Global Investors has cemented its presence in the North Sydney office market after snapping up 118 Mount Street from a German-based fund, valued at about $350 million. The 25-storey A-grade building is being developed by Zurich Insurance Group to house the headquarters of Zurich Financial Services Australia, which will occupy more than 64 per cent of the building.—SMH.

BYRON BAY: One of Australia’s most famous pubs, The Beach Hotel in Byron Bay, has been snapped up by investment bankers for just over $100m, setting a new record for Australian watering holes. Developed by Paul Hogan’s sidekick John ‘Strop’ Cornell in the 1990s, the property has been bought by listed investment bank Moelis Australia to put into a new investment fund, marking another shift away from its much-loved original owner.—The Australian.

MELBOURNE: Boutique developer CostaFox has sold its permit-approved development site in the former industrial suburb of Cremorne for $50 million. Investment firm Bayley Stuart Capital has snapped up the 1,180sq m development site in a fund-through deal, securing an asset within one of Australia’s hottest commercial markets where rents are surging well past $500 per square metre and vacancy currently sits below 1 per cent.—The Urban Developer.

BRISBANE: German funds giant Deka Immobilien is set to pick up prized Brisbane commercial asset 66 Eagle Street for around $370 million after entering due diligence on the golden triangle tower earlier this month. Deka met price expectations for the 32,000sq m asset, which was offloaded by 50-50 co-owners Lendlease’s Prime Property Fund Commercial and the Abu Dhabi Investment Authority.—The Urban Developer.

PERTH: Sydney-based fund manager EG has acquired an A-grade office building in Perth’s CBD for $79 million. The 12-level office tower, located at 2 Mill Street, was listed by Brisbane-based superannuation fund Sunsuper in August, which it purchased in 1997 for $35.6 million.—The Urban Developer.