Deals: Iconic Kings Cross nightclub Hugo’s sold
Former Kings Cross nightspot and pizzeria Hugo’s has sold, four months after the iconic venue closed its doors for the final time.
The nightclub and neighbouring eatery were sold separately at auction after they were placed into voluntary administration in July, amid dwindling patronage as a result of the NSW Government’s laws on alcohol introduced into Kings Cross in 2012.
The two properties on Bayswater Rd in Potts Point are now tipped to become part of the reinvention of the area as a prime residential destination.
The Hugo’s Lounge nightclub, spread over four strata lots and 732sqm, fetched $2.65 million at auction, while the pizza bar sold for $1.685 million, with both prices understood to have been above reserve.
Both properties were sold with vacant possession.
Savills agent Robert Lowe says both auctions attracted considerable interest and strong bidding.
“This was an outstanding opportunity for potential owner occupiers, investors, or developers to either reuse the space as a restaurant, night club, or other retail or commercial uses,” Lowe says.
“Additionally there is the option to potentially reconfigure the first floor area into commercial or residential use, subject to Council Approval.”
“Potts Point has changed considerably over the years with older style buildings being converted into upmarket residential apartments and the perfect positioning of this property would make it an ideal redevelopment project.”
Perth: Does your office have a rooftop putting green?
Golf courses have long been considered a good place to seal deals in the corporate world.
But tenants at a new office in Perth’s legal precinct won’t have any need to lace up their golf spikes.
The office, on the top floor of the Equus building at 580 Hay St, comes equipped with a putting green on an outdoor rooftop terrace, with views over Perth Town Hall and the surrounding CBD.
The 213sqm partitioned office space will go under the hammer on Thursday, December 10 at 12pm.
CBRE’s Michael Milne says that aside from the perks awaiting on the terrace, the property was a strategic opportunity in the city’s growing legal precinct.
“This is an outstanding opportunity to buy the very best commercial space in the prestigious Equus building, which is occupied by Perth’s leading law firms, barristers and QCs,” Milne says.
Queensland: Melbourne comes calling for North Queensland shops
A Melbourne-based syndicator has splashed $23.75 on a pair of retail centres in North Queensland.
Fawkner Property secured The Rising Sun Shopping Centre in Townsville and the Town Plaza Shopping Centre in Charters Towers on a combined initial yield of around 7.5%, after both attracted interest from private investors, syndicators and fund managers.
The properties were sold via an expressions of interest campaign, managed by national director of retail sales Peter Tyson and director of retail sales Jon Tyson.
The successful purchaser had seized a rare opportunity by acquiring the two successful neighbourhood centres in one line
The Rising Sun Shopping Centre at Mundingburra, 6km south-west of the Townsville CBD, is anchored by a 2243sqm Coles Supermarket, with 11 specialty shops including Subway, Brumby’s bakery and a chemist.
The slightly smaller Town Plaza Shopping Centre, 137km south-west of Townsville, is anchored by a recently refurbished 2579sqm Woolworths supermarket with nine specialty stores including Suncorp, Millers and Rockmans.
“The two centres were offered for sale simultaneously, with offers invited individually or in one line. Multiple offers were received from private investors, syndicators and listed fund managers both for the two assets separately and as a package,” Peter Tyson says.
“The successful purchaser had seized a rare opportunity by acquiring the two successful neighbourhood centres in one line, with both major tenants paying turnover rent.”
Melbourne: Chipmunks nuts out new leasing deal
Chipmunks Playland & Café group has locked in its second Victorian venue, taking out a 10-year lease at a Dandenong commercial hub.
The New Zealand-based children’s entertainment operator secured a 948sqm space at the Home Quarter development on Frankston-Dandenong Rd in Melbourne’s south-east.
Chipmunks added the new facility to its growing Australian footprint, which includes its first Victorian site at Roxburgh Park, as well as several other locations in other states.
The location close to the intersection with the Dandenong Bypass provided exceptional exposure
Savills associate director Keith Kooloos, who brokered the deal, says the property has excellent exposure, courtesy of its proximity to the Dandenong Bypass.
“The location close to the intersection with the Dandenong Bypass provided exceptional exposure while the existence of high profile neighbours in the Good Guys, Fantastic Furniture and Officeworks, as well as the property’s prominence within the strip, were also important considerations,” Kooloos says.
Melbourne: Local buyer secures $14.05m Fitzroy North site
Melbourne buyers are fighting back against the tightening grip of overseas groups, with a local investor securing the former Clipsal factory site in Fitzroy North.
The 3201sqm site, which is zoned for commercial use and has three street frontages, drew bids from a number of local and offshore buyers interested in the block at 81-89 Queens Parade for its development potential.
CBRE’s Mark Wizel says the sale was the sixth in the past two weeks that had gone the way of a local investor, despite intense interest from offshore groups.
“Local developers continue to aggressively seek out development opportunities, particularly those in good quality locations,” Wizel says.
“Despite the highest earning potential for the site coming from its development potential, properties that can generate a strong holding income are increasingly being sought after in the market.”
Melbourne: Record yield for shops at ‘Paris end’ of CBD
The sale of two shops on Little Collins St has equalled a strata retail record for Melbourne’s CBD.
Shops 9 and 11 at 1 Little Collins St were sold at auction for $2.64 million to a local investor, driving the yield down to 3.6% – understood to be a record for Melbourne’s business district’s strata retail market.
The yield equalled that achieved for a backpacker travel agency site near the corner of Flinders and Degraves streets in 2014.
With a premium location like this, it is little surprise wonder that we have seen another record yield in the market
Colliers International’s Oliver Hay, who sold the properties with Daniel Wolman and Chris Ling, says the shops could not have been better located, given they sit alongside the Sheraton Hotel and Hotel Windsor, with numerous residential apartment towers being developed nearby.
“With a premium location like this, it is little surprise wonder that we have seen another record yield in the market,” Hay says.
“Properties of this nature do not become available very often and therefore we saw a very high level of enquiries from over 200 buyers both locally and offshore.”