Commercial hammer prices
The amount Lend Lease will realise following the sale of its 75% interest in the Chelmsford Meadows Unit Trust in the UK. The interest has been sold to Legal & General Property for £42 million (circa $65 million).The Chelmsford Meadows Unit Trust owns The Meadows Shopping Centre in Chelmsford, east of London, and two retail/commercial properties on the adjacent High Street. The shopping centre has 14,300 square metres of retail space and a multi-storey car park.
The yield achieved following the sale of Mount Druitt 7-Eleven for $4.04 million as part of a Burgess Rawson commercial property portfolio auction in Sydney. It was sold to a Victorian buyer and negotiated soon after the auction. The property has an annual income of $316,000.
How much a consortium of institutional investors from Canada and Singapore have offered for the Australian office assets in the Charter Hall Office REIT after raising their bid to $2.59 per share. The bid has been conditionally accepted by the trust’s management. The Charter Hall Group, which owns 15% of the office REIT (equating to $141 million), says it will join the consortium subject to final documentation being agreed and executed.
The yield achieved on an industrial property in Keilor Park, which has sold on the back of strong investor interest in this sector of the Melbourne market. Chris Jones from Colliers International negotiated the sale of 39 Wright Road in Keilor Park for $5,075,000 to a private purchaser on behalf of vendor Corplex. The 4,020-square-metre building, comprising both office and warehouse space, was leased to Quality Bakers Australia Pty Ltd (a division of leading Australian food company Goodman Fielder) on a 10-year lease, commencing January 2011.
The amount Altis Property Partners has paid for 35,538 square metres of commercial office and industrial space at St Leonards on Sydney’s lower north shore. Altis acquired 39 Herbert St, St Leonards from Orchard Funds Management at yield of 9.2%. It comprises 22 industrial units of 25,026 square metres of net lettable area and two office buildings of 10,304 square metres of net lettable area plus 683 car spaces. The property is 92% leased to 20 tenants with a current weighted average lease expiry of 4.6 years.