Deals of the Week: 18 June 2018

Deals of the Week: 18 June 2018

Gold Coast: Macau casino boss Loi Keong Kuong has scooped up Gold Coast shopping centre Soul Boardwalk, at the base of the $850 million Soul tower at Surfers Paradise, for around $90 million. Mr Loi, chairman of Rio Hotel & Casino, is on a shopping spree closing the deal after snapping up the Markham-owned building at 179 Elizabeth Street in Sydney for $265 million just weeks ago. The sale of Soul Boardwalk caps off Soul’s history of financial difficulty. The property went into receivership after 100 apartments at its residential tower, above the shopping centre, failed to settle in 2012 — AFR.

Sydney: Property fund manager Centuria has sold a suburban Sydney office tower for $36 million, 27 per cent above its last valuation in November. ASX-listed Centuria Metropolitan REIT sold the fully leased office building at  3 Carlingford Road, Epping, to a private buyer on a yield of 5.4 per cent. This was more than double the $16.5 million paid in December 2014 — AFR.

Newcastle: Pub and venue owner Riversdale Group, founded by Patrick Coughlan, has snapped up the Newcastle suburban hotel and pub, the Lambton Park Hotel at 19A Morehead Street for $5.9 million. The property also has a dining room, 15 pokies machines, eight unused hotel rooms, and footpath seating for 36 patrons. A local consortium of owners offloaded the property, 8-kilometres north of the Newcastle CBD. It turns over a weekly income of $61,000 — AFR.

Melbourne: A speculative industrial development has paid off for Frasers Property Australia and investor Primewest after securing a major logistics group to occupy the $23.5 million facility in Melbourne’s west. Global group CEVA Logistics has signed on for the 23,199-square-metre facility at Frasers’ West Park Industrial Estate at Truganina in Victoria. The deal takes CEVA’s occupancy at the industrial estate to 181,026 sq m — AFR.

Sydney: Car manufacturer Mazda has committed to a 107,000sq m industrial lease with ASX-listed logistics services provider Qube for its new $25 million NSW distribution centre. The lease will provide 74,000 square metres of land under hailnet and 4000 square metres with a roof to house 3200 cars at the property on Culverston Road in Minto, in Sydney’s south west — AFR.

Melbourne: Melbourne investment firm Bayley Stuart has paid $50 million to buy a new office building off-the-plan in Cremorne on the city fringe that has yet to secure a tenant pre-commitment. The deal for 600 Church Street – an eight-level building due for completion by the end of 2019 – highlights the strong appetite among private investors for commercial property outside of the major CBDs — AFR.