Deals of the Week: 6 September 2019

Deals of the Week: 6 September 2019

MELBOURNE: Following a highly competitive international tender process, Salta Properties has sold the current Dulux Group headquarters at Clayton in Melbourne’s south east for about $30 million. The sale was exclusively handled by the CBRE Melbourne Middle Markets team of Scott Orchard, Josh Rutman and Lewis Tong, with the purchaser being a private family based in Hong Kong.—CBRE.

NOOSA: Property developer and former Olympian Mark Stockwell has bought back the Noosa Civic shopping centre on the Sunshine Coast for $250 million from QIC.—The Urban Developer.

MELBOURNE: Aged care operator Ryman has purchased a significant permit-approved site from Steller for $28.5 million, as the group continues its sell down of assets. The large 32-40 Graham Street site, has plans for a retirement village for 90-residential apartments, a 122-bed aged care facility and 15-assisted living units in Highett, 16 kilometres from Melbourne CBD. The 11,981sq m land-holding was sold by Savills agents Julian Heatherich, Benson Zhou and Jesse Radisich following a competitive selling process.—The Urban Developer.

NATIONAL: European hotel investor AccorInvest’s Australian hotel portfolio has been snapped up by iProsperity Group for more than $250 million. The 23-hotel portfolio was listed in July 2018 by the real estate investment and development arm of the French hotel giant, and comprises 1,797 rooms across 17 real estate assets and 1,249 rooms over six lease interests. JLL’s Craig Collins and Peter Harper brokered the sale of the portfolio.—The Urban Developer.

NATIONAL: CBRE Group, Inc. today announced that it has acquired Montlaur Project Services Pty Ltd, a leading project management company in Australia. The acquisition significantly strengthens CBRE’s position as a leading provider of real estate services across the Pacific region.—CBRE.

MELBOURNE: Private investors have snapped up two Coles supermarkets and a Kmart in Melbourne’s Northcote Plaza for around $60 million in total, with the deals struck on yields below 5 per cent. The 18,000-square-metre strata-titled plaza on Separation Street in Melbourne’s inner north was built in the 1980s and is rare in being home to two Coles supermarkets. It also has an apartment building at the rear.—AFR.

MELBOURNE: Melbourne’s industrial land boom has rolled on with Frasers Property Australia paying $27.5 million for a 43-hectare site in the city’s outer west. Title deeds show the site at 917 Boundary Road in Tarneit last changed hands for $333,721 in December 2008 when it was bought by the Camuglia family’s Canemoon Investments. Its sale to Frasers, after being rezoned to industrial use, represented a capital gain of 8140 per cent in less than 11 years.—AFR.

AUSTRALIA & NEW ZEALAND: ASX-listed Abacus Property Group has struck a deal to buy five more self-storage properties for $57 million, in line with its strategy to move towards an annuity-style business. Abacus has bought four purpose-built Storage King facilities in Perth and Auckland, New Zealand, and one self-storage development site in Sydney.—AFR.