Deals of the Week: 8 February 2019

Deals of the Week: 8 February 2019

MELBOURNE: Peter Arvanitis, the founder of listed aged care provider Estia Health, has struck a deal with global hotel giant Marriott to develop a new 180-room hotel in Melbourne. Mr Arvanitis, who resigned and sold out his entire stake in Estia Health in September 2016 following a profit downgrade that sent its value crashing, is developing the new Moxy hotel with Hector Ktori, the director of shop fit-out company K&K Industries.—AFR.

BRISBANE: Axis Capital has finalised close to 9,000sqm of leasing deals in Brisbane’s 545 Queen Street tower. Sonic Healthcare, CSG International, South 32, Calibre, Bentley Systems and McPherson Group have all committed to the A-grade building, which was comprehensively redeveloped in 2008 before being refurbished and repositioned by Axis to help spur leasing demand.CBRE.

GEELONG: Coles has kicked off 2019 with the sale of a supermarket near Geelong to local investors Temax Nominees for $23.5 million. The property, comprising a new-format 3,775 square metre supermarket and Liquorland outlet on a one-hectare site on Murradoc Road, Drysdale, sold on a yield of 5.36 per cent.—AFR.

SYDNEY: Diversified property group Denwol has more than doubled its money in two years after selling a commercial property in inner Sydney’s Glebe to union group United Voice for $43 million. Denwol scooped up the 3500sq m heritage office building at 19-37 Greek Street from the Church of Scientology for $18.7 million in 2016.—AFR.

ADELAIDE: Hollywood’s post-production and effects giant, Technicolor, will establish a significant Adelaide office as the city prepares for a major economy boost. Technicolor will open its new facility on levels seven, eight and nine of 178 North Terrace and will initially focus on delivering visual effects (VFX) for major film studios and streaming services around the world.—Savills.

PERTH: Malaysia’s YTL Corporation has snapped up The Westin Perth for over $200 million, one of the biggest hotel sales in the West Australian capital. The 28-storey Westin Perth is one of Australia’s newest 5-star hotels, located to the east of Perth CBD in the city’s heritage quarter.—AFR.

PERTH: Western Australia’s commercial property market is rising on the radar of investors, with first time purchasers into the state snapping up three Coles retail assetsfor a combined price of more than $45 million. All three properties—Coles Orana and Coles Vasse in Margaret River and Coles Orana in Albany—sold at record yields for WA regional retail assets.—CBRE.