Deals of the Week: 14 June 2019

Deals of the Week: 14 June 2019

BRISBANE: ASX-listed Garda Capital has acquired a 4.1-hectare undeveloped industrial site in south-west Brisbane for $5.9 million as an asset for its fund, Garda Diversified Property Fund. Its development partner Development Directive has since lodged plans to build three warehouses with a total area of 17,000 square metres at the site at 498 Progress Road in Wacol.—AFR.

CLARE VALLEY: A historic homestead and farm in South Australia’s Clare Valley has sold in one of the largest off-market sales in the state. Kadlunga, a well-known homestead built in the 1850s, and the surrounding farmland was sold by Northern Territory farmers, the Edmunds family, after they bought the 2340-hectare farm in 2017. A sale price was not disclosed but based on the previous vendor’s asking price of $22 million for about 2300 hectares in 2016, it is calculated the property, which has since expanded to 3900 hectares, could have sold for about $40 million.—AFR.

ADELAIDE: Developer Nick Emmett has bought a free-standing supermarket in Salisbury North on the outskirts of Adelaide for $4.05 million from the Queensland-based Nehmy family. The Drakes Salisbury North Foodland on the corner of Whites and Waterloo Corner roads sold with a permit for a new $12 million supermarket of over 2000 square metres. It sold on a passing yield of 6.2 per cent.—AFR.

CHATSWOOD: A set of two office buildings in Sydney’s north shore suburb of Chatswood has set a new benchmark in commercial property after selling for a record price for an office asset outside of the CBD. US fund manager Starwood Capital, in a joint venture with Arrow Capital Partners, bought the Zenith Centre on Friday afternoon for $438.2 million from joint owners local fund manager Centuria and US giant BlackRock. It is understood the deal was struck on a yield of between 6 and 6.5 per cent. The two 21-storey A-grade office towers are fully let to Property NSW, Commonwealth Government of Australia, Lendlease and Sage on a weighted average lease expiry of 4.3 years.—AFR.

GOLD COAST: Diversified property group Gordon Corp has secured one of the Gold Coast’s last infill sites, spanning 85 hectares in Carrara, for more than $20 million. The Gold Coast-based developer secured the site in an off-market deal with plans to redevelop the land, located 10 kilometres west of Broadbeach, for both industrial and residential use.—The Urban Developer.

MELBOURNE: Two neighbouring buildings in Little Collins Street, at the back of the Melbourne Club, have been sold at auction for a combined $22.35 million to businessman Rob Phillpot, the co-founder of Aconex. The construction software business was taken over by tech giant Oracle last year for $1.6 billion, giving Mr Phillpot the firepower needed to outbid top names at the Little Collins Street boardroom-style auction.—AFR.

GOLD COAST: ASX-listed property investor Abacus Property Group has sold its Gold Coast investment in Varsity Lakes for $14 million. A Gold Coast-based private buyer scooped up the 3364-square-metre, single-level office building at 169 Varsity Parade. The property sits on a 1.3-hectare site in front of Lake Orr at Varsity Lakes.—AFR.