Commercial hammer prices

Commercial hammer prices
Commercial hammer prices

The amount Stockland has paid the Winten Property Group to acquire a 163-hectare residential site at Marsden Park in Sydney’s north west. Located on Richmond Road, the property will have the potential to deliver about 2,300 new homes. The site is about five kilometres from the Riverstone railway station and 15 minutes from Norwest Business Park. Stockland says the acquisition has been structured on capital efficient terms, with $5 million to be paid in financial 2012 and the remainder settled over approximately six years. The project is expected to take seven to eight years to complete.

 


 

The amount a freestanding factory in Carlton in Sydney’s south has sold for at auction. The property at 41 Waterview Street was sold to businesswoman Jian Chen by Ryan Jennings and Michael Abbott of Ray White Industrial M5. Jennings says there was solid interest in the property, which is owned by locally based investors Way Ming Tsoi and Alan Man. “We had 33 enquiries about the factory and 15 inspections prior to auction,” he said. The 600-square-metre industrial/warehouse is on a land area of approximately 815 square metres in the Carlton industrial precinct.

 


 

The amount a private investor with previous experience owning and operating childcare centres has paid for a former ABC Learning Centre in Lane Cove in Sydney. The two-storey property sold under the hammer through exclusive agents Cushman and Wakefield. It located at 17 Austin Street in Lane Cove and has been used as a childcare centre for more than 20 years. It sold with a long-term lease to operator Good Start Childcare Ltd in place until 2017. It is licensed for 59 children. In all, 15 interested parties inspected the Lane Cove property prior to auction. The property last sold in May 2007 for $625,000.

 


 

The amount a Melbourne-based private syndicate headed by Tom Borsky will pay for a suburban office building at 16-18 Bridge Street, Epping that was owned by Centuria Capital’s property funds management subsidiary, Centuria Property Funds. This a decision by unit holders to sell the property as the 10-year life of the fund is approaching in May this year.  The property was originally purchased in 2002 for $11.25 million. It was marketed and sold by Chesterton International represented by Bevan Kenny and Tyler Talbot and Knight Frank represented by Brett Burridge and James Parry. The property, constructed in 1989, has a net lettable area of 3,177 square metres across five levels and is fully leased to a cross section of tenants including Catholic Healthcare, Copeland Publishing, Automotive Global Insurance and others.

 


 

The amount an owner-occupier who operates a landscaping business has paid for a warehouse in Botany in Sydney. The property at 30 Cranbrook Street in Botany sold under the hammer through Paul Hunter, selling agent from Cushman and Wakefield. It comprises a building area of 662 square metres and is a modern industrial development with street frontage. It was sold with vacant possession. According to Hunter banks are reacting to the current economic uncertainty by taking a more cautious approach to lending and for vacant industrial or commercial properties, investors are finding banks are unwilling to lend without a lease in place. “As such there are some compelling opportunities on offer for owner occupiers who may view the current climate as ideal for securing their own accommodation future, provided they have the means,” he says.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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