Deals of the Week: 29 June 2018

Deals of the Week: 29 June 2018

Sydney: Leda Group has purchased a $52 million infill redevelopment site located in the tightly held industrial precinct of Milperra in Sydney’s south west. The group, founded by billionaire property developer Rob Ell, has plans for a land subdivision and strata development on the eight-hectare site. The infill site was sold by Lennox Industrial, in a deal brokered by Colliers International’s Gavin Bishop, Malcolm Tyson and Sean Thomson, with a holding income of $2.1 million per annum for two years.—The Urban Developer.

Melbourne: The Victorian government’s development arm, Development Victoria, has acquired Seven’s Melbourne headquarters in a deal worth $100 million. The government splashed out on the building in May, buying it from insurance giant NRMA following a sales campaign initiated late last year by Colliers.–The Urban Developer. 

Sydney: Investa Commercial Property Fund has snapped up a 15-storey office tower in Sydney from the joint venture between Roxy Pacific and private Singapore investors Tongeng for $153 million. The deal for the building at 117 Clarence Street was brokered by Inc Real Estate and Savills and reflects a market yield of 5.4 per cent. Roxy Pacific and Tongeng bought into the property for $81 million in 2015.—The Australian Financial Review.

Brisbane: Queensland-based Rich List family the Richards have snapped up a prime grazing property in the Brisbane Valley for  about $10 million. The dynastic Richards family, estimated to be worth $500 million, is behind the major waste management business JJ Richards & Sons. The property, on Gatton Esk Road, is one of the Brisbane Valley’s largest cattle properties,  just 60 kilometres from Brisbane’s CBD.—The Australian Financial Review.