Deals of the Week: 8 November 2019

Deals of the Week: 8 November 2019

MELBOURNE: A partially refurbished and mostly vacant office tower in Melbourne’s St Kilda Road precinct has sold for almost $18 million. CBRE’s Melbourne Middle Markets team of Josh Rutman, Mark Wizel, Lewis Tong and Scott Orchard negotiated the unconditional sale of 1 Bowen Crescent, a property built by trucking magnate Lindsay Fox as offices for his Linfox company.—CBRE.

CANBERRA: Coles Group Property Developments Ltd has sold the Coles Amaroo Village in Canberra, a highly-convenient neighbourhood shopping centre, located in the fast-growing northern suburbs of Canberra to a private interstate investor for $29.5 million on a net yield of 6.25 per cent (fully leased*). The centre features a convenient non-discretionary tenancy mix, with 80%* of the gross floor area secured to Coles and Liquorland on a brand-new long-term lease.—Savills.

SYDNEY: Charter Hall has struck a deal with Singapore sovereign wealth fund GIC to buy the Jessie Street Centre in Parramatta for more than $400 million. The pair secured the A-grade office building from Canadian giant Brookfield, with the Parramatta CBD asset continuing Charter Hall’s 15-year partnership with GIC.—The Urban Developer.

SYDNEY: The well-connected De Angelis family has bought the Raby Tavern and shopping centre in Sydney’s south-west for about $35 million from long-time owners the Walker family. The 8000-square-metre property on Spitfire Drive in Raby sold just two weeks into a four-week sales campaign and well in excess of market expectations of more than $30 million, highlighting the current strength of the pub real estate market.—AFR.

CANBERRA: A Charter Hall-managed fund has lifted the value of its industrial portfolio to more than $400 million after buying an industrial estate in Canberra from Blackstone for $34 million. The recently refurbished property at 34-42 Sheppard Street in Hume will be added to the Charter Hall Direct Industrial Fund No.4 (DIF4) which will grow to 10 assets worth $409 million. The acquisition was struck on a cap rate of 5.25 per cent.—AFR.

SYDNEY: Asian-backed logistics real estate group ESR has continued its push into the Australian industrial and logistics market capturing a 21-hectare development site for $142.5 million in Horsley Park, 39 kilometres west of the Sydney. The major industrial property developer is now setting plans in motion to create a new 110,000sq m logistics park comprising six separate warehouses, after purchasing the land from building products group CSR.—The Urban Developer.