Deals: Australian Unity makes $15m Rowville play

Health insurer Australian Unity’s $15.1 million purchase of an office facility at an industrial park in Rowville headlines this week’s major property moves.

The 20,950sqm property at 19 Corporate Ave is leased to electronics manufacturer Regal Beloit Corporation until 2022 and features a 12,300sqm office and warehouse and delineated parking for up to 188 cars.

Colliers International’s Tony Iuliano and Sasan Misaghian facilitated the sale, and Iuliano says its location near EastLink, Wellington Rd and Stud Rd made it an attractive opportunity for purchasers.

“It is rare for an A grade industrial investment of this calibre in this tightly held precinct to reach the market. As such, it represented an outstanding opportunity, which Australian Unity have moved to capitalise on,” Iuliano says.

“The property is situated in an established and tightly held industrial pocket of Rowville, with surrounding users mainly consisting of large manufacturing and distribution facilities that thrive off the major arterials as well as the localised workforce.”

Jimmy Possum is set to take up residence at this new Church St premises

Melbourne: Jimmy Possum to call Church St home

Furniture retailer Jimmy Possum will set up new digs on Richmond’s Church St after taking out a lease on the retail strip’s last remaining space.

The deal will see the upmarket chain take out a new 450sqm shop at 480 Church St, at a rate understood to be between $450 and $500 per square metre.

Melbourne Acquisition’s Rick Silberman negotiated the deal in conjunction with Teska Carson director Larry Takis.

Takis says it completes a 180-degree turnaround for Church St, which has transformed from a dilapidated and forgotten precinct to one that was competing with CBD retail strips.

“From beginnings of old rundown buildings we now have state-of-the-art flagship showrooms, leading restaurateurs, and upmarket offices with a view,” Takis says.

Two properties at the Australian Marine Complex are up for sale

Perth: Cranes come standard for Marine Complex warehouses

KordaMentha Restructuring will sell two adjoining properties at Perth’s Australian Marine Complex.

CBRE’s Geoff Fraser and Warick Irving have been appointed to sell the warehouse and workshop facilities at 32 and 36 Stuart Drive in Henderson, south of Perth.

The larger of the properties, 36 Stuart Drive features three frontages and a total area of 14,460sqm, with a freestanding office and warehouse, workshop facilities, 12 10-ton gantry cranes, six automated roller shutter doors and extensive hardstand areas.

32 Stuart Drive is spread over 1346sqm and has a two-level workshop and office, a five-ton gantry crane and roller shutter door access.

Fraser says the sale is “a rare opportunity to acquire quality buildings at competitive pricing”.

“Given the size, location and flexibility of both properties, these offerings are likely to attract strong interest from both owner occupiers and investors,” he says.

Howcroft Estate Winery is being offered for around $9 million

South Australia: $9m price tag for Mundulla winery

A 537-hectare winery in South Australia’s Bordertown region is to be sold for $9 million.

Howcroft Estate Winery is divided into two separate vineyards totalling 412ha, which will both be offloaded after Sandhurst Trustees Ltd appointed Colliers to sell the property.

The price represents a rate of about $22,000 per hectare of vines planted, with the property producing varieties of red grapes as part of a five-year deal with a major winemaking company.

Colliers’ Tim Altschwager says the two vineyards are highly productive.

“Howcroft Estate Vineyard is a large scale wine grape producing asset, efficiently and expertly managed by Seven Fields Management Ltd,” he says.

“It presents as an extraordinary chance for both investors and existing wine industry participants to secure or significantly strengthen their future in the Australian industry.”

Stud Park Shopping Centre has sold for $154 million

Melbourne: Stud Park joins shopping centre sales frenzy

Investors have targeted yet another sub-regional retail precinct, with Stud Park Shopping Centre selling for $154 million.

More than $4 billion was spent on Australian neighbourhood and sub-regional shopping centres in the 12 months to June, and Stud Park became the latest to be snatched up amid the unprecedented interest.

The centre is anchored by Coles, Kmart and Woolworths, with 58 specialty stores, three kiosks the the Rowville Branch Library.

Regional deals: Neighbourhood shops generate billion-dollar surge

Selling agent Carl Molony, of Stonebridge Property Group, says the property had generated substantial interest.

“Assets of this calibre, particularly with multiple income enhancement and redevelopment strands, are being aggressively sought across the spectrum from domestic institutions and off-shore capital, through to sophisticated private investors,” Molony says.

“A number of established players and new mandates participated in the campaign underscoring the desirability of this asset class and the quality of the offering.”

Propell National Valuers will provide additional valuation services for JLL

National: JLL swallows valuation firm

Commercial property services firm JLL has acquired valuation firm Propell National Valuers, in a move JLL says will expand the reach of its commercial valuations team.

About 200 Propell are expected to join JLL’s operation.

JLL Australia CEO Stephen Conry says the acquisition will allow JLL to provide a more broad commercial valuation service.

“We are now dramatically increasing JLL’s specialisation even further with the addition of the impressive Propell team, which will allow us to present a full suite of services under one banner,” Conry says.

The Logan Megacentre has won a prestigious property prize

Queensland: Top gong for Logan Megacentre

A large format retail centre in south-east Queensland has won one of the state’s top property awards.

The Logan Megacentre in Slacks Creek was recognised with the Excellence in Presentation award in the Bulky Goods Retail Warehouse Centres category at the Property Council of Australia Queensland Retail Property of the Year awards.

The shopping centre has enjoyed substantial upgrades over the past 12 months, including new gardens and landscaping, enhanced signage, a new children’s play area and a focus on cleanliness and hygiene.

CBRE national director of asset services, Suzette Lamont, says that a focus on customer service and engagement has helped to transform the centre.

“As managers of the asset, CBRE has really taken place-making to the next level, transforming the Logan MegaCentre into a unique retail destination, where customers can eat, meet, play and shop,” Lamont says.