Deals of the Week: 1 February 2019

Deals of the Week: 1 February 2019

GEELONG: Coles has kicked off 2019 with the sale of a supermarket near Geelong to local investors for $23.5 million. The property, comprising a new-format 3775 square metre supermarket and Liquorland outlet on a one-hectare site on Murradoc Road, Drysdale, sold on a yield of 5.36 per cent.The buyer was Temax Nominees, the investment vehicle of Melbourne’s Goldberg and Lipp families.—AFR.

GOLD COAST: Developer Yuhu Group has acquired a new piece of land adjoining its Jewel luxury mixed-use project on the Gold Coast for $12 million, with plans to expand the project. The group, which owns and develops another premium Australian tower, One Circular Quay in Sydney, bought the 1,264sq m site on Wharf Road late last year. Yuhu chairman Jimmy Huang said the land would be used to “develop additional amenities to complement the Jewel project”.—AFR.

MELBOURNE: Developer Poly Australia has pounced on another Melbourne development site in Richmond for $26 million as strategic developers continue to landbank despite a slow housing market. A second site in Richmond for Poly, the group now owns the 4000-square-metre site at 171 Buckingham Street, Richmond, a short distance away from the Victoria Gardens Shopping Centre.—AFR.

MELBOURNE: Software company Bourne Digital has fended off more than 40 other hopeful tenants to secure a four-year lease with options over 250 square metres of office space in the basement of Melbourne’s iconic Bennelong Building. Bourne Digital will pay annual rent of $100,000 for the lease at the pre-Federation 1886 building at 9 Queen Street.—AFR.

MELBOURNE: Melbourne-based developer Land Capital is set to swoop on a Woolworths-owned town centre development site in a deal worth just over $50 million. Woolworths paid just over $28 million for the 24.9-hectare site in Melbourne’s north eastern suburb of Mernda in 2010. Land Capital has a portfolio worth over $350 million comprising apartment buildings, mixed-use projects and medium scale land subdivisions in the Northern and Western corridors of Melbourne.—AFR.

PERTH: Malaysia’s YTL Corporation has snapped up The Westin Perth for over $200 million, one of the biggest hotel sales in the West Australian capital. Perth-based developer and construction group BGC, founded by the late Len Buckeridge, confirmed it had sold the hotel to two subsidiaries within YTL’s hotel division, Starhill Hotel (Perth) and Starhill Hotel Operator (Perth) on Tuesday.—AFR.