Deals of the Week: 19 January 2018

Deals of the Week: 19 January 2018

BRISBANE: One of Brisbane’s most iconic hotels, the stylish Emporium in Fortitude Valley, has been picked up by Hong Kong’s Ovolo Hotels Group in a deal industry sources say was worth about $40 million. The multi-award-winning hotel was sold in an off-market deal by CBRE Hotels national director Wayne Bunz in little more than four weeks. The deal doubles Ovolo Group’s exposure to Brisbane to more than 150 rooms in just over 12 months.—The Australian.

BRISBANE: AMP Capital has swooped on up the Gasworks Plaza commercial complex in Brisbane’s inner suburb of Newstead for $248.4 million from retirement village operator Aveo Group. Construction on the 19-storey retirement village tower is due to be completed in May.—The Weekly Source.

MELBOURNE: Charter Hall has received development approval from the Victorian government for a $200 million office tower at its Wesley Place complex in Melbourne’s central business district. The new A-Grade office tower at 140 Lonsdale Street will comprise 16,500 square metres of office space over 22 levels. The project is part of a bigger $600 million project after Charter Hall acquired the development rights to the 7400 square metre “holy acre” island site from Leighton Properties in 2015.—AFR.

MELBOURNE: Listed Singaporean developer Wee Hur has paid $35 million for a vacant Melbourne commercial building that it will develop into high-rise student accommodation. The three-storey brick and concrete building with a ground floor warehouse at 185 A’Beckett Street, built in 1938, stands on a large 1029-square-metre site and has a permit for a multi-storey tower with 300 units.—AFR.

GEELONG: Property fund manager Centuria has bought the Transport Accident Commission building in Geelong for $115.25 million from the Liberman family-backed Impact Investment Group. The A-grade building is fully occupied and has a lease expiry of more than 10 years. It will be held in the single-asset Centuria Geelong Office Fund.—AFR.