Deals of the Week: 3 August 2018

Deals of the Week: 3 August 2018

Brisbane: Property fund manager Charter Hall has acquired the high-profile development site for No. 1 Brisbane, a proposed 81-storey skyscraper on Brisbane’s Queen Street Mall that won approval in 2017. The purchase price of $93.96 million represents a core cap rate of 7.45 per cent and a fully-let passing yield of 7.9 per cent.—The Urban Developer.

Newcastle: Haben Property Group has snapped up Stockland Wallsend Shopping Centre in Newcastle for $81 million. The deal represents a 6.6 per cent yield and was in line with Stockland’s last recorded book value on the property of $81 million. The asset accounted for 1.1 per cent of Stockland’s retail portfolio and was originally purchased from the collapsed Allco Finance Group.—AFR.

Sydney: Hong Kong billionaire Francis Choi has sealed a deal to buy a half-stake in the $600 million Northpoint Tower in North Sydney from Cromwell Property Group’s long-time South African backer, Redefine Properties. Cromwell and Redefine jointly purchased the Northpoint site in 2013 for $287.7m and then ­dramatically overhauled the complex.—The Australian.

Wollongong: Sydney-based developer Level 33 has received approval for a new $31 million mixed-use project in Wollongong. The 18-storey project, dubbed Skye Tower, will comprise 105 apartments, ground floor retail and around 585 square metres of commercial space. The site currently houses the run down old Sam’s Warehouse, which will be demolished to give way to the new residential tower.—The Urban Developer.

Perth: Listed shopping centre giant Vicinity Centres has sold Flinders Square in Western Australia to a private company for $39.5 million as it shifts focus to larger properties and chases mixed-use opportunities. The fully occupied neighbourhood shopping centre, anchored by Coles, is near the Perth CBD and comprises the full-line supermarket over 3,547 square metres, a City Farmers and 18 speciality shops.—The Australian.