The Adelaide property market may be sitting in the shadows of Sydney and Melbourne but that did not stop a Melbourne investor from paying just over $8 million for the office building at 8-20 Hutt Street.
The property, leased to the Council on The Ageing for 10 years with options, rakes in a net annual rent of $562,116.
Sitting on 1216 sq m of land, the building with 1699 sq m of lettable space also has basement parking.
CBRE’s Ben Heritage and Phil Rundle brokered the deal for a private seller on a yield of 7 per cent.
Servo sells again
An interstate investor purchased a fully-leased 0.75-hectare 7-Eleven service station and retail complex at Oxenford on the northern Gold Coast for $8.92 million at an auction.
Ray White’s Michael Willems sold the 2267-sq m property at 141 Maudsland Road for a private local owner on a yield of 7.56 per cent.
The lease expires in 2026 with options and pulls in a net annual rental income of $674,550.
There is 1040-sq m of retail space with 10 tenants and 73 car parks.
CD Group buys site
Buyers are making a grab for Melbourne development sites.
Boutique property developer CD Group has paid a record $6.275 million for a development site at 382-386 Burwood Road, Hawthorn.
The positioning of Swinburne University across the site attracted apartment builders.
Teska Carson’s Anthony Choi, Tom Maule and Michael Taylor dealt with more than 100 inquiries for the vendor, a local Chinese family.
The 836 sq m site has two leased single-level retail buildings.
Collingwood renewal draws buyers
Investor Heath McDonald bought a 915 sq m development site at 73-77 Sackville Street in Collingwood from a private investor for $3.95 million.
CBRE’s Jamus Campbell, Josh Twelftree and Mark Wizel negotiated the sale which has unapproved residential development upside.
The Collingwood area is attractive to developers as it is ear-marked for urban renewal and potential rezoning.
Nearby, a local owner-occupier picked up another development site at 111-115 Langridge Street, Collingwood for $3.535 million.
Teska Carson’s Michael Ludski and Tom Maule sold the property which comprises a 754-sq m commercial building on a 400 sq m site.
More Melbourne sites
In Heidelberg, a private developer bought an unpermitted development site at 64 Yarra Street for $1.76 under the hammer.
The 719 sq m property has two street frontages and is close to hospitals.
Gross Waddell’s Jamie Stuart brokered the deal.
Sentinel moves Sydney office
Brisbane-based investment firm, Sentinel Property Group has acquired an office and warehouse property in Sydney’s west for $1.8 million for its new Sydney’s headquarters.
The business will move Silverwater to the 1417 sq m Unit 5, 19 Chifley Street which also has parking.
CBRE’s Elijah Shakir and John Micallef closed the deal for vendor, LEDA Holdings.
Sentinel took advantage of the lower prices in Smithfield.
Industrial market strengthens
Camcorp Enterprises has snapped up an industrial property at 1 Activity Crescent in the Molendinar on the Gold Coast for $2 million to accommodate its growing business, Patriot Campers.
Colliers International’s Pat Cavanagh sold the vacant property.
“There were a number of buyers looking at this property with most discounting it due to the higher price bracket, however within three months we sourced a buyer willing to pay this price, which shows the market confidence is growing,” Mr Cavanagh said.
Sold: CBA-tenanted site
A Brisbane private investors snatched a Commonwealth Bank tenanted property at 16 Kerry Road, Acacia for $1.3 million just before its auction.
The freehold bank facility with 250-sq m net lettable space was sold at a yield of 6.5 per cent.
The net annual rent on the property is $85,713 on a five-year lease with options.
Colliers International’s Hunter Higgins marketed the the 1321-sq m property with car parking, 12 kilometres south of Brisbane.
Jandakot medical deal
A private investor has forked out $3.6 million for a medical investment property at 219 Berrigan Drive, Jandakot, WA at an auction.
The brand new, medical building has a 15-year lease and is on a yield of 5.9 per cent.
Vend Property’s Jeff Klopper handled the sale for Primetime Enterprises.
South Yarra retail
Private investors traded a retail property at 2 Toorak Road & 53-59 Myrtle Street in South Yarra for $4.1 million at an auction, commanding a passing yield of 4.1 per cent.
Teska Carson’s Matthew Feld and Michael Ludski conducted the auction for the property which was on the market for the first time in 30 years.
The property comprises a two-level building with seven tenancies on a 326-sq m site.
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- First published at afr.com
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