Deals: Pemberton winery a tasty proposition

A renowned Western Australian winery being sold with all the trimmings headlines this week’s major commercial deals and offerings.

Salitage Estate is being offered via expressions of interest and features a 22.86-hectare vineyard that specialises in cabernet sauvignon, pinot noir, chardonnay and sauvignon blanc.

The Pemberton property, about three and a half hours south of Perth, also includes a winery spread over three levels, a cellar door, owner’s residence, manager’s residence, staff housing and a quartet of two-bedroom luxury accommodation suites for paying guests.

The storage facilities at Salitage Estate

CBRE’s Phil Melville and David Kennedy and VNW Independent’s Steve Vaughan and Hugh Ness are selling the property, which sits on 51 hectares.

Melville says the winery is one of the most well-known and award-winning in Western Australia’s south-west.

“We are genuinely excited to be offering an asset with such history and well-regarded brand to the market, and anticipate there will be strong levels of interest, from both domestic and international investors,” he says.

The four zones within the planned Edmondson Park precinct

Sydney: Australand pays $100m to develop Edmondson Park

Developer Australand will build 45,000sqm of retail and commercial floor space in Sydney’s south-west after paying $100 million for the right to develop Edmondson Park.

The 24-hectare site will also feature 1000 residential apartments and a high street-style town centre about 45km from Sydney’s CBD.

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Savills agents Stuart Cox and Steven Lerche, along with Matrix Property, sold the site on behalf of the New South Wales government’s urban transformation operation, Urban Growth.

Cox says the development will be a welcome landmark for Sydney’s south-west.

“The south-west suburbs have suffered from a lack of well-designed residential precincts. Edmondson Park Town Centre will provide a much needed housing precinct together with major retail outlets, recreational facilities and transport amenities,” he says.

Melbourne: Southbank building hits high notes

Opera Australia will sell a high-profile property on the banks of the Yarra River.

The musical organisation has teamed up with the owner of an adjoining building on City Rd in Southbank to sell both properties, which feature a combined 1704sqm of of internal space and frontages to both City Rd and Fawkner St.

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The Opera Australia building at 35-41 City Rd has a tw0-level office and a performance rehearsal studio, while 43-47 City Rd has offices that are currently leased to Mercy Mission Medinah.

The two properties, which are expected to attract strong interest from developers, will be sold as one via an international expressions of interest campaign, to be run by CBRE.

The Northtown Complex is being sold by receivers

Queensland: Northtown complex in receivers sale

A significant office and retail complex on the Townsville waterfront will be released onto the market in the coming weeks.

The 8895sqm Northtown Complex is home to companies and groups including the Townsville City Council Library, BOQ and ASX-listed 1300 Smiles, and lies alongside the $136 million Townsville City Waterfront priority development area.

The property, at 280 Flinders St Central, is being sold by receivers and features seven storeys, a secure basement car park for 90 cars and a 95m frontage to the Flinders St mall.

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Colliers International Townsville’s associate director of commercial and industrial, Neville Smith, says the surrounding development made Northtown a prime opportunity.

“This regional trophy asset fronts the Townsville City Waterfront priority development area, meaning that the buyer will be investing in a precinct, and a city, targeted for accelerated development with a focus on economic growth,” Smith says.

“The City Waterfront Project will make Townsville’s CBD an even better place to work and live, and increase the value and demand for quality commercial space in that area.”

The Regency Motel was one of three hotels sold as part of a deceased estate

New South Wales: Hallmark Inn trio fetch $8.5 million 

A portfolio of three hotels in regional New South Wales will be renovated and rebranded after separate investors snapped them up.

The hotels, known collective as The Hallmark Inns, formed part of a deceased estate and were offered for sale both together and separately before being split after an expressions of interest campaign.

Tamworth’s Hallmark Inn, which featured 3.5-star accommodation with 60 rooms, a restaurant, cocktail bar, conference rooms and swimming pool, was sold to a private motel operator for about $3 million.

The 40-room Regency Inn in Armidale, halfway between Sydney and Brisbane, was sold to a local investor for circa $1.5 million, while a Chinese investor picked off the four-star, 70-room Charbonnier in Singleton for $4 million.

Savills agent Nic Simarro says he fielded more than 40 enquiries about the properties.

“This was such a unique opportunity for anyone to start their own hotel brand or franchise,” Simarro says.

“There was not one specific buyer type. We had buyers who were interested in the entire portfolio and there were those who were looking to purchase just the one and they represented a variety of buyer groups, from local buyers who wanted to establish their own hotel, private individuals and syndicates who were looking to establish their own brand.”

The Prince Alfred Hotel sold to a Melbourne investor

Melbourne: Prince Alfred in new hands

A local investor saw off three other bidders to secure the Prince Alfred Hotel in Port Melbourne for $2.89 million on a yield of 4.7%.

The bayside hotel, which has been trading for 80 years, features 500sqm of space across two levels, including a ground floor bar and dining area, an outdoor area and eight upstairs bedrooms.

It is currently leased to Schultze Hotels Pty Ltd for $137,000 per year.

Teska Carson agent Anthony Choi says the hotel’s prominent Bay St location and secure lease made for a competitive auction.

“Ultimately the property was purchased by an astute investor cognisant of the solid rental returns and potential for capital gain in such a desirable city fringe location,” Choi says.