Deals: Investor takes $6.75m caravan park plunge
A private buyer has made their first foray into the caravan park market, buying the Woronora Village Tourist Park, south of Sydney, for $6.75 million.
The sale, on a yield of 9.31%, comes as agents predict ongoing strong demand for accommodation assets.
Woronora Village, which lies 30km south of Sydney’s CBD, has 67 sites on a 9017sqm landholding, and includes a three-bedroom manager’s residence, park office and amenity block.
It is positioned near the region’s four national parks, including the The Royal National Park.
“Tourist and mixed-use parks providing permanent accommodation options, such as Woronora Village Tourist Park, are well sought after in the current market,” selling agent Andrew Jackson, from CBRE Hotels, says.
“The recent intensified demand for these assets over the past 24 months has resulted in consistent yield compression over the period. We don’t expect this to abate in the medium term as new entrants to the sector begin to compete with traditional buyers.”
Melbourne: Price soars for animal hospital
A veterinary clinic in Melbourne’s south-east smashed its reserve price by 45% when it sold for $2.21 million at auction.
The South Eastern Animal Hospital at 1357 Centre Rd in Clayton traded on a yield of 3.9% as 11 bidders, including three offshore groups, went head to head for the property.
CBRE’s Sandro Peluso and Josh Twelftree managed the campaign and auction, with Twelftree saying the two-level, 350sqm building’s new 15-year lease made it an easy sell to investors.
“These types of investment assets have long been seen as an excellent defensive option because they are less affected by economic cycles than other property assets,” he says.
“They also benefit from long and stable tenancies, providing steady, reliable income streams and capital value stability.”
WA: Gelatissimo scoops Fremantle shop
Australian ice cream chain Gelatissimo might have stores in south-east Asia, Kuwait and Saudi Arabia, but until now it was without a presence in our own Western Australia.
The gelato company has leased a 30sqm shop on the corner of Market St and South Terrace in Fremantle, sub-leasing the property from The Change Group, which has its currency exchange on the corner and will share a shopfront.
CBRE’s Craig Olde and Fremantle Property Services’ Anthony Van Der Weilen negotiated the deal, with Olde saying Fremantle’s growing foot traffic made it an ideal site for food retailers.
“Gelatissimo identified Fremantle as a great location to launch its first WA outlet, with high visibility and a visitor base from all over WA,” he says.
“While traditionally the port city has had high weekend visitation that tapers during the week and winter months, now we’re seeing prolonged and sustained pedestrian movement.”
Queensland: Southport Westpac on market
A two-storey Southport building leased to Westpac has been put up for sale.
The office at 23-25 Scarborough St, leased to Westpac until 2020, is being touted for its future development potential, with the site located in Southport’s priority development area.
The building, which returns annual rent of more than $370,000, features 720sqm of net lettable area on a 1715sqm block, including 22 on-site car parks.
Ray White Commercial Gold Coast’s Steven King says the tenancy could be extended further.
“The Westpac lease also has a five-year option that could see it carry through to 2025. All outgoings are paid by Westpac Bank, including land tax,” King says.
“This well-presented property boasts an approximately 30m frontage to busy Scarborough St and is within approximately 20m of the Southport South Light Rail Station.”
Melbourne: Williamstown industrial site set for subdivision
A developer plans to split a Williamstown industrial site into 30 offices and warehouse buildings after paying $2.9 million for the property.
The 7081sqm site at 64 Tennyson St sold at auction after receiving more than 60 enquiries during while on the market.
The warehouse features a combined 241m of street frontages to Fink, Chelmsford and Tennyson streets and came with vacant possession.
Fitzroys agents Chris Kombi and James Gregson managed the auction campaign in conjunction with Grita Angelucci and Sam Nadde of Property Au.
Gregson says the new owner indicated his plan was to divide the site into smaller warehouses and offices.
Adelaide: Hydroponic veggie farm to change hands after 40 years
A farm and business that has specialised in hydroponic lettuce for four decades is on the market.
The Hydro R Us property at Direk in South Australia is to be sold after its owners, the Vorrasi and Paikos families, called time on their ownership of the business, which also produces herbs and Asian vegetables.
The landholding also features a modern family home and sits on a 20,400sqm parcel of land, 18,000sqm of which is covered by hail netting to protect the produce.
CBRE Agribusiness’ Phil Schell and James Beer have been appointed to sell the property via an expressions of interest campaign that ends on July 14.
School says the farm presents a ready-made business opportunity.
“Ideally positioned just 30 minutes north of the Adelaide CBD, this property represents a premium opportunity to acquire an operational and profitable business with an established footprint in the horticulture sector,” he says.
“Furthermore, an opportunity exists to increase production volumes and branch into additional domestic markets.”