Deals: Doncaster welcomes another high-rise
Suburban Melbourne residential hotspot Doncaster will add another high-rise apartment block to its ever-growing market, with a former office and corporate centre site being offered as a mixed-use project.
The 3231sqm block of land at 600 Doncaster Rd is being spruiked as a permitted development site with approval for 174 apartments over 12 levels.
Lying adjacent to shopping hub Westfield Doncaster, the development’s ground floor is to include 710sqm of commercial space, while 229 car parks are also to be included on-site.
Colliers International’s Hamish Burgess, Peter Bremner and Trent Hobart are selling the site in conjunction with Gorman Kelly’s Robert Kelly and David Minton.
The site lies adjacent to Westfield Doncaster.
“The site offers an exceptional opportunity for an astute developer to acquire one of the remaining key sites within this rapidly evolving precinct, which has the benefit of all the hard work completed, with a desirable permit for 174 large apartments in a mixed-use development,” Burgess says.
“Growth in the median house price of 26% in the past 12 months to $1.26 million has underpinned the demand for apartments in the area, spurring developers to compete strongly for residential development sites.”
Sydney: New shopping centre coming to Glenmore Ridge
Sydney’s booming neighbourhood shopping centre market will soon have another entrant, with Mintus Properties buying a 2.11ha site in the city’s west.
The site at Glenmore Ridge, 50km west of the CBD, is expected to be developed into a new shopping centre to cater for the surrounding master planned residential community currently being developed on the surrounding land.
Mintus Properties paid $7.22 million to secure the property from Stockland subsidiary Lensworth Glenmore Park Limited.
The shopping centre at Glenmore Ridge will service the surrounding residential development.
The sale was negotiated by Colliers International NSW director of retail investment services James Wilson, who says demand for neighbourhood shopping centres shows no sign of abating.
“The increasing lack of supply for quality neighbourhood centre sites in greater Sydney shows no signs of slowing down, given the sharp yield compression experienced over the past two years for completed investments,” he says.
“The uplift in value for neighbourhood sites and shopping centres can also be attributed to the high levels of capital we are seeing from domestic and offshore investors combined with the low cost of debt in the current record low interest rate environment.”
Perth: Run your own WA nightclub
One of Geraldton’s best performing pubs and clubs is up for sale or lease, offering investors the chance to secure a venue that generates a reported $80,000 in income each week.
The Geraldton Hotel and neighbouring Vibe Club, in Western Australia’s mid-west region, are being offered to the market, having recently undergone a $1 million refurbishment.
Sitting on 4200sqm and operated as two distinct venues, the property features a two-storey hotel with ground floor bars, a TAB restaurant and upper level accommodation, while the nightclub has bars, dancefloors and a DJ booth.
The Geraldton Hotel and its adjoining nightclub are for sale.
CBRE’s David Kennedy and Ryan McGinnity have been appointed to market the property, with McGinnity saying there were immediate opportunities to add more value.
“The hotel’s trade is still growing and further potential exists to finish off three ensuite rooms with cosmetic furnishings to make them operational with council approval,” he says.
“Furthermore, on the first floor there are nine rooms, which can be converted to provide backpacker accommodation with communal facilities.”
Melbourne: Cremorne becomes ‘flavour of the month’
It might measure less than one square kilometre in size, but inner-city Cremorne continues to punch above its weight in Melbourne’s leasing market, with a string of new deals, including one to food delivery service Suppertime.
Teska Carson’s Fergus Evans says his agency has sold, leased and marketed more than 25 properties in the mini-suburb over the last 18 months.
“We have leased six properties recently and have several more tenants looking at what’s available,” Evans says.
Cremorne is enjoying considerable leasing interest.
“All of a sudden the suburb, which has been more of a quiet achiever, has become flavour of the month,’’ Evans says.
Among the new deals is a three-year lease to Suppertime (which now operates as Foodora) at 29 Gwynne St, with The Big Group and Care Monkey also taking up residence along the same strip.
Meanwhile, Scene Change and Merlin Migration have inked three and four-year leases in nearby Stephenson St.
Sydney: Smart Haymarket buy for private college
The absence of approvals to operate part a Haymarket building as an educational college was no deterrent for one education provider, who paid $5.8 million for a single floor at 8 Quay St.
Level 6 of the Sydney CBD building has operated a medical centre since the 1980s and was sold without formal DA approval in place for conversion into a college.
However it is understood the buyer now hopes to convert the 864sqm strata lot to use for educational purposes.
A private college bought this entire strata floor in Haymarket.
Burgess Rawson’s Andrew Vines, who marketed the property, says that with other floors at 8 Quay St already being occupied by UTS and another private college, much of the interest was from similar organisations.
“The property received strong enquiry with over 20 inspections and eight offers. The majority of interest was colleges seeking to buy their own premises,” Vines says.
Brisbane: Healthcare group grabs business park space
Healthcare product provider Cook Medical has expanded its footprint at Brisbane Technology Park, leasing another 735sqm of space.
The company, which delivers healthcare business solutions and makes 16,000 products that serve hospitals across 135 countries, secured space at 85 Brandl St to complement their existing space at 95 Brandl St.
Cook Medical has leased more than 700sqm of new space at Brisbane Technology Park.
CBRE’s Michael Skarparis and Mel Pikos the five-year deal for $315,o00 annually, which includes 17 car parks.
“Cook Medical saw a fantastic opportunity … within Brisbane Technology Park as they currently own and occupy the adjoining office building at 95 Brandl St,” Skarparis says.
“They were rapidly outgrowing their existing building and needed to make a lease decision quickly. 85 Brandl St fitted their size requirement to a tee so their decision-making process was relatively short.”
