Deals: 80-year wait over for St Kilda development site
Developers are expected to make a beeline for a St Kilda corner apartment site, which is on the market for the first time in 80 years.
The site at 6 Tennyson St, 6km south of Melbourne’s CBD, is currently home to 50 apartments across three buildings, but appears likely to make way for new apartments and townhouses, with agents spruiking it to developers.
Teska Carson director Larry Takis, who is marketing the property with Anthony Choi, says there are a number of options, subject to council approval.
“This is a rare find, providing developers with options galore in terms of the potential for redevelopment and refurbishment, while subdivision of the property into individual titles provides even more options,” Takis says.
A feasibility study for the site suggests it could accommodate 47 one, two and three-bedroom apartments, as well as two townhouses, though Takis says refurbishment of the existing apartments or subdivision of the land are also possibilities.
The property is for sale via expressions of interest, which close on August 8.
Queensland: Syndicate buys St George Supa IGA
A syndicate of private Queensland investors has paid $4.2 million for a Supa IGA supermarket at St George, more than 500km west of Brisbane.
The supermarket in the key regional hub measures 1500sqm on a 4068sqm site and is leased to IGA until 2020, with options to 2035.
Jon Tyson, from Savills Retail Investments, says the property’s leasing profile boosted its investor appeal.
The St George Supa IGA sold for $4.2 million.
“The property is leased to one of Australia’s most successful independent supermarket operators, Cornetts Supermarkets, which operates more than 30 IGA and Supa IGA supermarkets throughout Queensland,” he says.
“In a further level of security for the property’s owner, this lease is underwritten by a guarantee by Metcash Food and Grocery Pty Ltd … which guarantees the rent payable to the landlord for the entirety of the lease term.”
Melbourne: Local investor swoops on Hoppers Crossing IGA
A strata-titled property leased to supermarket giant IGA in Melbourne’s west has sold for almost $4.5 million.
A Melbourne-based investor bought the 750sqm store for $4.488 million, on a sharp 5.3% yield.
The store, run by a husband and wife team, has nine years remaining on a 15-year lease, which returns $238,000 per annum.
The strata-titled Hoppers Crossing IGA sold for almost $4.5 million.
CBRE’s Mark Wizel, Justin Dowers and Joseph Du Rieu negotiated the sale, with Dowers saying the price achieved for the strata-titled property was indicative of the market’s strength.
“We were extremely pleased with the response from the buyer market, where historically properties of this nature with strata titles are considered less appealing than true freestanding supermarkets,” he says.
“Achieving an initial yield of 5.3% for an asset of this ilk is a testament to how the property was positioned in the market as the best retail investment offering sub-$5 million.”
Perth: Residential boom to drive Ellenbrook shopping centre sale
A shopping centre for sale in one of Perth’s major growth suburbs is tipped to entice investors from Australia’s eastern states.
Woodlake Village, at Ellenbrook, 21km north-east of Perth, is to be sold via an offers to purchase campaign that ends on August 1.
Woodlake Village Shopping Centre, near Perth, is to be sold.
The IGA supermarket-anchored shopping centre is spread over a 1.78ha site and has 24 specialty stores, as well as another standalone building with a gym and medical centre.
CBRE’s Andrew Woodley-Page and Richard Cash have been appointed to sell the centre, with Woodley-Page saying Ellenbrook’s booming residential market would weigh in Woodlake Village’s favour.
“With a population of approximately 40,000 people – and substantial year on year population growth – an investment opportunity in Ellenbrook of this quality is expected to attract a strong pool of interest from both interstate and local buyers,” he says.
Brisbane: Sentinel divests second Richlands property
Sentinel Property Group has sold a Richlands industrial property that neighbours one it offloaded in in December last year.
The investor group settled the sale of its holding at 145 Archerfield Rd for $15.75 million, seven months after selling 147 Archerfield Rd for $6.1 million.
Sentinel Property Group has sold a second industrial property at Richlands in Queensland.
Sentinel paid $18.5 million for the pair of properties in 2012, with 145 Archerfield Rd comprising 26,800sqm of land and 12,168sqm of warehouse. Its tenants include Gough Transport, Evolution Drill Rigs, Downer Electrical and Global Metals.
Sentinel managing director Warren Ebert says an incoming oversupply of industrial properties in the Richlands precinct meant the time was right to sell.
“We have already seen this oversupply put substantial pressure on rents and we expect this to continue for some years,” he says.
Queensland: Darling Downs tourist park on the market
A near-new four-star caravan park in Queensland Darling Downs region is on the market, with development approval for expansion.
The Chinchilla Tourist Park, about 300km from Brisbane, features 70 cabins and 35 caravan sites and turned over around $6 million in its first year, according to CBRE’s Andrew Jackson, who has been appointed to sell the property.
The Chinchilla Tourist Park turnover over $6 million in its first year.
“As the only caravan/cabin park in Chinchilla, this property offers an advantage in the local tourism market, in addition to an opportunity for a new owner to attract permanent residents at an extremely reasonable entry cost,” Jackson says.
The tourist park also has development approval for the inclusion of a relocatable home park.
“This is a fabulous opportunity for an experienced operator to take advantage of the development approval for creation of a manufactured home village,” Jackson says.
