Commercial hammer prices: Charter Hall buys Stockland mall for $164 million

Commercial hammer prices: Charter Hall buys Stockland mall for $164 million
Commercial hammer prices: Charter Hall buys Stockland mall for $164 million

How much listed real estate investment trust Charter Hall has agreed to pay to acquire Stockland Bay Village in Bateau Bay on the NSW Central Coast following an on-market expression-of-interest campaign managed by Colliers International. The shopping centre sold in line with book value. Colliers International’s Lachlan MacGillivray, who led the sales campaign with Heath Crampton, says it is the largest agency-negotiated sub-regional transaction for 2012. Stockland Bay Village, to be reverted to Bay Village Shopping Centre, is anchored by Woolworths, Coles, Kmart and Aldi, three mini-majors and more than 80 specialty stores and three pad sites. The shopping centre is situated on a prime 90,000-square-metre site, with a gross lettable area of 29,162 square metres and was expanded and refurbished by Stockland in 2005 and 2006.

 


 

The price paid for a 40-square-metre strata office at 1 Queens Road on the Melbourne CBD fringe just off St Kilda Road. The office has $12,607 net income per annum and was sold by Gideon Marcus from Teska Carson Richmond. The existing tenant is reputably Melbourne's largest service office provider. The office is leased for two years with two further terms of one year.

 


 

How much an undisclosed group from the national not-for-profit health sector paid for the The Edmondstone Motel, a three-star-rated accommodation asset at 24 Edmondstone Street, South Brisbane. The sale of the 21-room property was part-negotiated by Hiep Nguyen from First National Commercial.

 


 

The price paid for a tenanted industrial warehouse in the Newcastle suburb of Mayfield West. The property at 3 Metal Pit Drive, Mayfield West, was marketed and sold by Ray White Commercial Newcastle Principal John Parnham on behalf of Newcastle developer ATB Morton. The warehouse is tenanted by workplace safety equipment supplier Protector Alsafe on a long-term lease. It was purchased post-auction by a consortium of local investors. The property is located in the Steel River Industrial Estate just 10 minutes from the Newcastle CBD and 15 minutes from the airport. The sale price reflected a net yield of 8.44%.

 


The price paid in a private sale after auction for 5.6 hectares of freehold industrial land at 169 Australis Drive, Derrimut, in Melbourne’s outer west. The property was sold by Nathan Bingham and Stephen Newsham from Colliers International to a private developer. The vendor was Booth Transport. “The purchaser has acquired the land with the intention of opening the door for pre-lease opportunities," says Bingham. “The land will be developed as a major distribution centre within the next 12 months.”

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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