In brief: $1.7bn retail and homemaker centre coming to Craigieburn

Melbourne construction firm JTX International will develop a $1.7 billion business park and homemaker centre at Craigieburn in the city’s northern suburbs.

The development at 650 Hume Highway will span about 150,000sqm of retail, office, medical, hotel and entertainment facilities on a huge 32ha tract of land.

Branded as “Humex”, the development is set to include a 56,000sqm materials display centre, an indoor play and entertainment centre, a 12-level hotel with 285 rooms and a 7000sqm medical centre.

It will also encompass supermarket, retail and office components, 50,000sqm of bulky goods and showrooms, a convenience store and service station as well as parking for 2756 cars and 252 bikes.

That enormous growth will require a level of services equal to that of a large regional centre.  Humex is designed to deliver that

JTX CEO Anthony Elcheikh says population growth in the City of Hume made the region an ideal location for a large scale commercial hub.

“That enormous growth will require a level of services equal to that of a large regional centre.  Humex is designed to deliver that,’’ Elcheikh says.

JTX will build the project in conjunction with Multiplex, with completion due in 2018 and 5000 jobs to be created throughout the construction phase and after it opens.

Victoria: Nagambie shopping centre falls to Chinese buyer

Offshore investors are continuing to target Victorian retail assets, with CBRE selling a third property in as many weeks.

In the latest sale, a Chinese buyer paid $7.8 million for Nagambie Central Shopping Centre, 100km north of Melbourne.

The centre at 259-263 High St is anchored by a 2200sqm Supa IGA on a 15-year lease and includes six specialty shops.

Nagambie Central Shopping Centre in regional Victoria has sold to a Chinese investor.

CBRE’s Mark Wizel, Justin Dowers and Joseph Du Rieu negotiated the sale, which came after the property received eight formal offers to purchase.

Du Rieu says Nagambie’s size was no deterrent for the buyer.

“Despite being located in a town with only a permanent population of 1500 people, the modern nature of the property together with the long-term security associated through the 15-year lease generated strong investor interest,” he says.

The sale comes just days after the sale to overseas buyers of an off-the-plan Bunnings outlet at Yarrawonga and a Beaurepaires-leased site in Kew.

New South Wales: Receiver sale for Southern Estate Wines

One of Australia’s 25 largest wineries is being sold by receivers in New South Wales’ renowned Riverina region.

The 4.061ha Southern Estate Wines, 3km out of Griffith, has a crushing capacity of 18,000 tonnes and is being sold with vacant possession.

Colliers International’s Tim Altschwager and Nick Dean are steering the sale campaign, with Altschwager saying the winery is a ready-made large scale operation.

Receivers have been appointed to sell Southern Estate Wines.

“The site includes a modern bulk wine facility which has been deliberately configured to meet the needs of NSW’s largest wine grape growing region,” Altschwager says.

“According to industry records, Southern Estate Wines ranks within the largest 25 wineries in Australia.”

The winery is to be sold via expressions of interest, which close on September 22.

Melbourne: St Kilda Rd shop flies off shelf

A ground floor retail arcade shop on St Kilda Rd, south of Melbourne’s CBD, has sold at auction for $1.84 million – 27% above the reserve price.

Ten bidders squared off for the property at 1/517 St Kilda Rd, which is leased to a pharmacy for the next two years.

An interstate owner occupier secured the winning bid after the price soared beyond the vendor’s reserve of $1.45 million.

More than 100 people attended the St Kilda Rd auction.

CBRE’s Rorey James, Tom Tuxworth and Benson Zhou ran the sales campaign for the property, which sold on a yield below 6%.

“This sale demonstrates the strength of the owner occupier market in particular, which is being predominately driven the record low interest rate level,” James says.

“It is now a more affordable time than ever to buy commercial real estate for business operators.”

Melbourne: $11m tipped for Chapel St building

A prime corner building on iconic Melbourne shopping strip Chapel St is to be auctioned, with expectations it will fetch around $11 million.

The retail and office building at 125-131 Chapel St, Windsor, is home to tenants including takeaway restaurants Max Mex and Basilico, as well as Yoga Australia and Redmond Communications.

It currently draws a rental income of $556,096 per annum and is to be sold at auction through Hockingstuart Commercial’s Charles Carty, in conjunction with Colliers International and ASM Commercial.

The Chapel St building is home to Mad Mex and Basilico, among other tenants.

“Chapel St in Windsor is one of Melbourne’s most tightly held suburban shopping strips, and with leases in place for all eight tenants, a corner location and substantial size, this freehold is expected to see fierce competition among buyers,” Carty says.

“Chapel St Windsor has transformed into the hospitality hub of Melbourne with many of the popular eateries and restaurants now well established.”

The property will be auctioned on-site at midday on Friday, October 14.

Melbourne: Ugg boots and Elk to call Collins St home

Fashion accessories wholesaler Elk Accessories and Ugg Boots R Us have taken spaces within the St Georges Apartments complex near the Paris end of Melbourne’s Collins St.

Elk inked a seven-year arrangement with two five-year options at $95,000 per annum for its 53sqm space at 182 Little Collins St, while Ugg Boots R Us will also pay $95,000 for a smaller 48sqm shop next door at 186 Little Collins St.

Ugg Boots R Us and Elk Accessories will call Collins St home.