Deals of the Week: 22 February 2019

Deals of the Week: 22 February 2019

WESTERN AUSTRALIA: The Royal Automobile Club of Western Australia has bought the 4.18-hectare Broome Palm Grove Holiday Resort in Western Australia for $7 million, renaming it to RAC Cable Beach Holiday Park. The property at 1 Murray Road is a short distance from Cable Beach. It has 25 park homes, four studio units, 156 caravan sites, a swimming pool, reception, BBQ areas and a manager’s residence.—AFR.

HERVEY BAY: M/Group has purchased Pialba Place Shopping Centre in the Queensland central coast town of Hervey Bay for $36 million, making it the third sub-regional retail asset acquired by the Perth-based property group. Privately owned M/Group raised $22 million through a company-managed property investment fund to help fund the acquisition made on a yield of 8 per cent.—AFR.

GOLD COAST: Boutique investment firm Alceon has secured a large parcel of land in Robina for $7 million from the Gold Coast City Council. The company will now look to create a new business park on the 9,921sq m site located at Robina Town Centre Drive. The Acuity Business Park will comprise three stand-alone office buildings featuring large floor plates, a ground-floor plaza, basement parking, shops, gyms and parks.—The Urban Developer.

BRISBANE: Melbourne-based property fund manager Forza Capital has bought its second building in Brisbane’s fringe office market, a three-level office block at 55 Russell Street in South Brisbane for $23.65 million. The 4081-square-metre corner building has a five-year weighted average lease expiry and was bought on a fully-leased yield of 6.8 per cent through a new standalone fund, Forza Russell Street Fund, after $14.86 million of capital was raised.—AFR.

MELBOURNE: Hong Kong group Foo Hang Jewellery is finalising a deal to buy a Collins Street tower for $314 million, its first move into Australia. The group’s purchase at 595 Collins Street provides the market with a boost, as it was struck at a crisp initial yield of 4.46 per cent. It showed an equivalent market yield of 5.43 per cent and a rate per square metre of $9789.—The Australian.