Deals of the Week: 30 March 2018

Deals of the Week: 30 March 2018

Brisbane: Morningside Plaza Shopping Centre in Brisbane’s inner east has sold to a private Asian investor for $23.8 million on a yield of 5.1 per cent in an off-market deal. The previous owner, Lascorp, paid just over $9 million for the Coles-anchored mall in 2013. The 4,431 sqm enclosed mall is anchored by a 3,000 sqm Coles Supermarket with nine specialty shops and car parking for 233 vehicles.—AFR.

Sydney: Property funds manager Arcadia has paid $176 million for a half stake in a Goulburn Street tower occupied by the Australian Taxation Office. The holding was sold by Credit Suisse’s asset management arm, which had picked up its half stake in 2007 from developer Brookfield in a deal valuing the entire complex at $235m, well below the latest value of $352m.—The Australian.

Sydney: Joint developers of the mega inner Sydney housing project “Park Sydney”, Greenland Australia and Golden Horse, have sold the entire 10,000 square metre retail strata of the development for close to $100 million. The property in Erskineville is 6.9 hectares in size and will offer the suburb its first main commercial hub with retail outlets, cafes and restaurants, childcare centres, a 7400 square metres park, walkways and cycleways.—AFR.

Canberra: Elanor Investors Group has set up a new managed fund to buy the Belconnen Markets in the ACT for $43.75 million. The Belconnen Fresh Food Markets opened in 1978 and had already undergone four redevelopments. The combined site is about three hectares and features favourable mixed-use zoning and planning controls, giving it strong redevelopment potential.—The Australian.

Melbourne: Global industrial has doubled its Melbourne footprint, after signing a five-year lease on a new Deer Park warehouse being developed in the city’s west. The property features 3,784 square metres of warehouse space, 400 square metres ground floor office area, and hardstand area measuring 4,184 square metres. CBRE negotiated the deal on behalf of Spencer Property Group for an annual rental of $300,960 net.—CBRE