Briefs: Europe calls for Bayside Junction
One of southern Melbourne’s most iconic buildings has been sold for $41.5 million.
The Bayside Junction office complex in Bentleigh, which featured on realcommercial.com.au in July, fell just short of the expected $42 million price tag after intense interest from both local and international investors.
The five-level building, which has almost 12,000sqm of floor space and a number of recently renewed leases with tenants including the Commonwealth Government, Alfred Health and Royal District Nursing Services, was snapped up by Henkell Brothers Investment Managers on behalf of European investors.
Colliers International’s Peter Bremner and Jeremy Gruzewski and Bayley Stuart’s Andrew MacGillivray and Alasdair MacGillivray facilitated the sale, with Andrew MacGillivray saying the building has been an enticing prospect for investors.
“The entire 11,956sqm building has been leased or renewed within the past 12 months during what has been a subdued leasing market. This illustrates the demand of new entrants wanting to secure tenancies within Bayside Junction and also the commitment of existing tenants to remain for further terms,” MacGillivray says.
12-14 The Esplanade is set to be sold in mid-September
Perth: Swan River views come standard for CBD tower
A 12-level office tower near the Swan River waterfront has been put up for sale.
The 12-14 The Esplanade property features 138 car parks across four levels, plus a ground floor tenancy and seven levels of offices, is being marketed via an expressions of interest campaign.
Savills agent Paul Craig says the building, which is 93% leased, is poised to take advantage of the upcoming $2.2 billion Elizabeth Quay project.
“This is one of only a handful of established properties on the doorstep of Elizabeth Quay and as such is in a premier position to enjoy the benefits of this landmark development,” Craig says.
“In particular, the opportunity to activate the retail potential of the property is immense by capturing the increased pedestrian traffic flows to and from Elizabeth Quay.”
The Dan Murphy’s store in Pakenham is expected to fetch around $8 million
Melbourne: Dan Murphy’s site to sell with space to spare
A highly sought after Woolworths lease covenant and almost 6000sqm of vacant development land are a part of the deal at a Dan Murphy’s site in suburban Pakenham.
The property at 8 Portobello Rd features a 1438sqm liquor store, with neighbours including Coles, Aldi, Bunnings and Officeworks, as well as a significant tract of land primed for development.
Colliers International’s Tom Noonan and JLL’s Stuart Taylor and Stephen Bolton have been appointed to sell the property, which has a passing income and is expected to fetch about $8 million – a yield of 5%.
“The Dan Murphy’s store and associated car parking occupy approximately 6410sqm, or 53%, of the total site. The Dan Murphy’s is a modern free-standing building serviced by approximately 83 at-grade carparks,” Noonan says.
“The remainder of the property is currently vacant land ripe for immediate development.”
South Australia: Big buyers tipped to swoop on distribution centre
A distribution centre leased to retail giant Big W about 50km south-east of Adelaide has been put on the market.
The 64,459sqm facility, at an industrial and logistics hub in Monarto, is leased to the Woolworths-owned discount chain until 2021 and comprises a two-level office, a cool room and a centralised warehouse.
CBRE national director of industrial investments Chris O’Brien says the campaign is expected to generate significant onshore and offshore interest.
“The property features an exceptional lessee covenant from Woolworths Limited – a high profile, ASX top 200 company,” he says.
“The remaining lease term is in place until July 2021, and with strong prospects for tenant retention and the current strength of the South Australian investment market, this will underpin interest from a wide range of buyer groups.”
Banora Central Shopping Centre is being offered for sale
Gold Coast: Timing right for Banora Point shops
A shopping centre that services the southern Gold Coast is set to become the latest neighbourhood retail hub to be grabbed by investors.
Banora Central Shopping Centre will be sold via an expression of interest campaign and is expected to attract interest from investors seeking opportunities outside of a capital city.
Sought-after: Neighbourhood shops generate billion-dollar surge
The centre, which has two-thirds of its shops occupied by blue chip tenants including Coles, Westpac, BWS and Suncorp, is spread over 3600sqm and draws customers from nearby Terranora and Tweed Heads South.
Earlier this month, realcommercial.com.au reported sales of local shopping centres had skyrocketed, with more than $4 billion spent on neighbourhood and sub-regional retail centres in the 12 months to June.
