Deals: Perth’s Brisbane Hotel hits the market
Don’t let the name fool you. The Brisbane Hotel might be on Brisbane St, but it’s most definitely in Perth and it’s most definitely for sale.
The well-known Perth watering hole on the corner of Beaufort St in Highgate on Perth’s city fringe will be sold after undergoing significant renovations in recent years.
The double-storey hotel includes ground level bars, a restaurant and beer garden, with a function room and office on the upper level.
It is currently leased to Capital Management WA until 2020, with four 12-year options available on the 1100sqm site.
CBRE selling agent Ryan McGinnity says he expects significant investor interest in the freehold property, with the public tender process ending on December 3.
“With a long term lease until 2068 (including options), this freehold property is supported by one of Perth’s, if not Australia’s best venue operators, presenting an outstanding investment opportunity,” McGinnity says.
““The property not only comprises one of the most successful pub venues in Perth, but it’s situated on prime Perth real estate, which will be keenly sought after by investors.”
Victoria: Pakenham shopping centre sells on 6.6% yield
Heritage Springs Shopping Village in the Victorian suburb of Pakenham has on a yield of 6.6%.
Selling agents Mark Bond and Graham ‘Josh’ Kendall, of Facey Industrial Commercial, fielded eight expressions of interest for the neighbourhood shopping centre, which features 2.2ha of retail space.
It houses 25 tenants including Coles, Chemist Warehouse, Tatts, Nando’s, Liquorland and Brumby’s.
“We’re thrilled with the result of this excellent campaign. We received some incredibly competitive offers and were pleased to see this fantastic property receive the offer it deserves,” Kendall says.
The sale continues a boom in interest in regional shopping centres as commercial property investors seek opportunities outside of the tightly-held city markets.
Savills reported in August that more than $4 billion was spent on neighbourhood and sub-regional shopping in the 12 months to June.
Melbourne: Aged care potential for blue chip Canterbury site
Demand for childcare and aged care facilities is expected to fuel interest in a substantial landholding in upmarket Canterbury.
The 3765sqm property at 14 Balwyn Rd has been used as a private nursing home for the past 50 years and was originally a part of the neighbouring Shrublands Estate, and is considered ripe for subdivision or development into a larger care facility.
Colliers International’s Ben Baines and Brendan Wenke, in conjunction with Andrew Baines of Kay & Burton, have been appointed to sell the site via expressions of interest.
“This is an exceptional opportunity for a childcare operator, given the number of schools within close proximity,” Baines says.
“It would also suit an aged care operator, who could reconfigure the existing improvements to increase the number of rooms and beds, or a residential home buyer wanting to reinstate the tudor-style property to its original use. The existing expansive allotment also has potential to be further subdivided or redeveloped.”
“This property represents one of the largest landholdings left in the blue chip suburb of Canterbury.”
Brisbane: Johnstaff moves on river office
Building management consultancy Johnstaff has pulled the trigger on a new five-year office lease in Milton.
The firm will move into the 313sqm property at 301 Coronation Drive, which comes with a partial existing fitout, on-site parking and a recent refurbishment.
CBRE’s Mel Pikos negotiated the deal on behalf of Bachrach Naumburger Group at an annual gross rental of $475 per square metre.
“Johnstaff has more than doubled in size over the past 12 months, with the business continuing to expand,” Pikos says.
“The excellent incentives on offer in the market at present allowed Johnstaff to upgrade its accommodation while still remaining within its budget.”
“The property’s prime location on the Brisbane River, with views towards the CBD, was a major drawcard attracting Johnstaff, with the space offering an idyllic entertaining area well suited to client functions.”
Melbourne: Apartments accompany new owner to Bridie O’Reilly’s
Part of Brunswick’s popular Bridie O’Reilly’s pub site will be developed into apartments after it was sold for $6.03 million.
A number of bidders went head to head at auction but the property couldn’t find a buyer, however it was sold almost immediately after the auction to developer Peregrine Projects, which plans to keep the pub while building 60 apartments over five levels on the rest of the site.
The property at 29 Sydney Rd was sold 18 years after builder and investor John Connellan bought it as the Sarah Sands Hotel and redeveloped it into the Irish-themed Bridie O’Reilly’s.
Colliers International’s Guy Wells and Pat Connolly sold the pub in conjunction with Jonathon McCormack and Alex Ham of Gross Waddell, with Wells saying its corner position weighed in its favour.
“The strong sale price reflects the current hunger for corner sites in well located positions with holding income. This property had the added benefit of redevelopment potential and a demolition clause in the lease, which intensified the competition,” Wells says.
“The site has been earmarked by the Moreland City Council as having the potential for a five storey development within the Brunswick Structure Plan.”
New South Wales: Ex-mayor offloads Blaxland property
Former Blue Mountains mayor Ralph Williams has sold a Blaxland commercial building for $1 million.
The property at 78 Johns Rd is home to a two-level fitness complex and a tutoring centre and has been owned by Williams for 34 years.
CBRE’s Thomas Mosca negotiated the freehold sale after an expressions of interest campaign and says the new owner is hoping the building can attract fresh businesses.
“Renowned in the Blaxland and lower Blue Mountains community, this property has accommodated several local businesses in the region and the new owner is currently seeking tenants to revitalise the centre and the precinct,” Mosca says.
“With an established reputation as a business centre, this high profile property presented an outstanding investment opportunity suitable for childcare, education and fitness, in addition to potential for owner occupation.”