Deals: Developers to pour in for Bridie O’Reilly’s
The upcoming auction of one of Melbourne’s many Bridie O’Reilly’s pubs headlines this week’s major commercial property moves.
Developers and hotel buyers are expected to go head to head for the property at 29 Sydney Rd, Brunswick, which will be sold on-site on Wednesday, October 28.
The pub, which has a ground floor lounge area, dining room, nightclub area and courtyard, as well as upstairs offices, storage areas and a former manager’s residence, sits on the border of Brunswick and Parkville, just 3.5km from Melbourne’s CBD.
Colliers International’s Guy Wells and Pat Connolly have been appointed to sell the property in conjunction with Gross Waddell’s Jonathon McCormack and Alex Ham, with Wells saying it had potential as either a continued hospitality destination or as a residential development.
“The site has been earmarked by the Moreland City Council as having the potential for a five-storey development within the Brunswick Structure Plan,” Wells says.
“The property is offered with the benefit of lease returning approximately $275,000 per annum with one year remaining on the current lease term and a further five-year lease term.”
The Bunnings Warehouse in Springfield, Queensland, opened its doors in August
Queensland: Bunnings to sell new Springfield site
A two-month-old Bunnings Warehouse store in Queensland is the hardware giant’s latest site set to be sold.
The store at Springfield, 30km south of Brisbane, opened its doors in August and is now on the market with a 12-year lease attached, as well as eight six-year options, and it has a net annual income of $2.115 million.
The 37,110sqm site has 325 car spaces and is directly opposite the Orion Springfield Centre shopping centre, which is undergoing redevelopment to include a Coles supermarket, Target department store, cinema complex and other specialty stores.
Savills has been appointed to sell the property, with Savills national director of retail investments Peter Tyson describing it as a rare opportunity in the Queensland market.
“Assets of this pedigree do not often come to market in Queensland. Given the ultra-prime bond style nature of the offering, we anticipate strong investor interest. The Bunnings lease is one of the most highly prized covenants in today’s market,” Tyson says.
“Investment highlights include the long-term lease, blue chip tenant, net lease structure with guaranteed rental growth, prime town centre location, the strong ongoing population growth of the region and the new building gives maximum depreciation benefits.”
The Northlakes Tavern and adjoining liquor store will be sold at auction
NSW: Happy hour for investors as San Remo pub put to market
A Central Coast hotel with an adjoining liquor store is expected to attract plenty of attention from investors.
The Northlakes Tavern and attached First Choice liquor store, which are leased to Coles for at least the next 12 years, will be auctioned on October 29.
The hotel on the Pacific Highway in San Remo features a large public bar and TAB area, bistro, gaming room, a large island bar, alfresco areas and 180 car parks, and is located alongside the Northlakes Shopping Centre.
CBRE Hotels’ Daniel Dragicevich and Glenn Price have been appointed to sell the property in conjunction with Darren Beehag and Simon Staddon of Burgess Rawson.
Dragicevich says the property is a chance for local investors to finally get their hands on an investment with a Coles covenant.
“New South Wales investors have historically missed out on freehold hotel opportunities with blue chip tenant covenants, given the majority of those put to market have been located in the other states,” Dragicevich says.
“The Northlakes Tavern and First Choice in particular offers a very attractive investment profile, given the large landholding and landmark arterial road positioning within a rapidly growing residential catchment.”
CPO has taken out an entire floor at Piccadilly Tower
Sydney: CPO courts Piccadilly Tower space
A serviced office provider specialising in the legal sector has taken out an entire floor at the Investa-owned Piccadilly Tower in Sydney’s CBD.
Clarence Professional Offices signed a 10-year lease on the space at 133 Castlereagh St, which spans the entire 1233sqm on level 21.
CBRE Office Services associate director Jamie King negotiated the deal on behalf of Investa and says CPO was on the hunt for a property in close proximity to Sydney’s court precinct.
“Location was a key factor underpinning the deal, in addition to being able to offer access to large meeting and board rooms,” King says.
“This deal is evidence of a wider trend whereby Sydney is seeing confidence in the serviced office sector. There is a lot of activity and confidence in this sector currently, including Servcorp, Regus and Compass, who have all committed to new premises or (are) very close to.”
