Larry SchlesingerDecember 8, 2020
The passing yield generated following the $32.5 million sale of Standards Australia’s 12-storey B-grade building, on the corner of Bathurst Street and Sussex Street, in the Sydney CBD. It last traded at $15.25 million in 1999 – reflecting 6.2% annual capital appreciation. The block was bought by Queensland’s Cornerstone Properties, which is backed by Brisbane’s Pidgeon family. Ian Triganza and James Aroney at Jones Lang LaSalle negotiated the sale.
The price paid by a local investor for a free-standing office building at 46 Fullarton Road in the Adelaide suburb of Norwood. The sale represents an initial yield of 7% and was negotiated by CB Richard Ellis’s Ben Younger and Will Brown. The 1,717-square-metre building is fully leased with a net lettable area of 741.5 square metres.
The year a landmark heritage office building on the corner of Collins and King Street, Melbourne, which sold for about $14 million, was built. The deal was negotiated by Knight Frank agents Langton McHarg and Marcus Quinn. The six-level retail and office building, which is on the Victorian Heritage Register, has a net lettable area of 3,510 square metres and is on a site of 856 square metres.
The sales price achieved by Colliers agents Jim Shonk and Michael Heather for a retail site at
25 Garema Place, Canberra. The property has a total net lettable area of 230 square metres and generated a yield of 8%. The property is currently tenanted by Flight Centre and Anton’s Hair Studio on five-year leases. The property was sold by the Green family to an undisclosed buyer.
The size of the Granville development site sold by Parramatta City Council to a private developer for $2.02 million at auction. The site is located at 23 Elizabeth Street and has development application approval for 19 townhouses. The sale was negotiated by CB Richard Ellis’ Harry Bui and Frank Oliver.
