Commercial hammer prices
The price Dexus secured for its industrial development at Erskine Park. The industrial estate is situated at 94-106 Lenore Drive, Erskine Park in Sydney and has been bought by Singapore’s GIC Real Estate. The sale price reflects a capitalisation rate of 8.15%. This sale follows Dexus securing DB Schenker as the tenant in March 2012. “This sale demonstrates the team’s success, commitment and ability to generate trading profits in our active business through the development of quality industrial properties. Being able to exceed our targeted trading profits for the financial year is an excellent result and emphasises our focus on enhancing returns for investors,” says Dexus property group CEO Darren Steinberg. The Erskine Park facility is the second development to be sold this financial year, following the sale of a development for Loscam at Distribution Drive in Laverton North, Victoria, in October 2011, which generated a $1.3 million trading profit.
How much Sydney pub operators Riversdale Group have paid for Vic on the Park Hotel at 2 Addison Road in Enmore. It was put up for sale by Nelson Meers, who paid $10.35 million for it in 2007. The 1,247-square-metre venue has a 3am trading licence and 26 gaming machines in a newly renovated gaming room. The deal was negotiated by John Musca, national director of Jones Lang LaSalle (JLL) Hotels. JLL currently has nearly $100 million of hotel transactions in due diligence or under agreement. Fairfax reported that Meers, the former City of Sydney lord mayor, decided to sell the pub because the demographic of the area demanded fewer gaming machines and more entertainment. It is not viewed as a "distressed" transaction, with Meers said to be looking for new acquisitions and not to retire any debt.
The price a local owner-occupier has paid for a North Adelaide sandstone villa at auction. The 385-square-metre site is located at 41 Mann Terrace and includes a single level building with a total building area of 190 square metres. It includes rear access to four onsite car spaces. The auction campaign was steered by CBRE’s William Brown and Andrew Park, with CBRE’s Phil Rundle the auctioneer on the day. Brown says the vendor operated a medical practice from the property for over 20 years, enjoying the functional layout and its close proximity to the Royal Adelaide Hospital and The Women’s and Children Hospital. The property is located approximately 3.4 kilometres from the Adelaide CBD and is situated on the corner of Mann Terrace and Stanley Street.
How much a private investor has paid for the Avenue Shopping Centre in Melbourne’s Sunshine West. Situated at 136 The Avenue, the centre was sold by Colliers International’s Jeremy Gruzewski and Ted Dwyer under instructions from receivers and managers PPB Advisory. The sale price represents a yield of 9.6%. The 13,340-square-metre site has a net lettable area of approximately 3,997 square metres, with 196 car parks located on site. The estimated fully leased net income was approximately $565,000 per annum (plus GST). The centre’s anchor tenant is a Coles supermarket. The centre is located 15 kilometres from the Melbourne CBD.
The minimum price expected for the Hawthorn Receptions Centre located at 555 Glenferrie Road, which has been listed for sale. CBRE has been appointed as the exclusive agent for the significant Hawthorn site, with CBRE’s Scott Orchard and Mark Wizel steering the sale campaign. Orchard expects the property to generate significant interest primarily from developers looking to capitalise on the significant site area. The site measures 3,825 square metres and has dual frontages with high-profile frontage of approximately 26 metres to Glenferrie Road. The centre is being sold via an expressions-of-interest campaign closing on July 6.