Commercial hammer prices
The amount a Westpac branch at 1-3 Rohini Street in Turramurra sold for at auction on the Sydney North shore. The 390-square-metre property was marketed by Charles Gonzalez from Burgess Rawson. It was sold to a SMSF investor on a net yield of 6.88%. It comes with a five-year lease starting from June 2010.
The yield achieved on the sale of an IGA in Dungog in the Upper Hunter Valley in NSW that sold to a Victorian private investor for $3.255 million. The property is located at 219-235 Dowling Street and was marketed by Charles Gonzalez from Burgess Rawson and Guy Littler from Knight Frank. It comes with a 15-year lease.
The amount two offshore funds have additionally invested in Charter Hall Office REIT after Macquarie Group sold its share and pulled out of a consortium bid it led to acquire the REIT. Macquarie sold its stake to Canada’s Public Sector Pension Investments Board (PSP Investments) and Singapore’s GIC fund. Both funds will inject an additional $100 million to acquire Macquarie’s share of the fund and take their total investments in the office trust to $400 million each.
The yield on Westfield’s half share in the Cairns Central shopping centre sold to Lend Lease’s Australian Prime Property Fund for $261 million. The 52,725-square-metre, two-level centre was put up for sale by Westfield and Lend Lease earlier this year with a price tag in excess of $450 million. The sales campaign was run by Simon Rooney of Jones Lang LaSalle with Perpetual Trustees appointed to manage the process following a four-year dispute between Westfield and Lend Lease over management of the centre.
The price tag placed on the Century Centre in the Parramatta CBD, which has been listed for sale for the first time on behalf of private developer Capital Corporation. The 12-storey A-grade office building is located in the business hub of Parramatta CBD between George and Macquarie streets on a heritage-listed site steeped in history. It sits above the convict-built sandstone barrel-drains that run under Church, George, Smith, Charles and Macquarie streets. CBRE’s Greg Cohen and Michael Brislane in tandem with Frank Sassine and John McCann of Colliers International will jointly market the building.
The amount a private developer paid for a 446-square-metre site at 333-335 Ferrars Street, South Melbourne with plans to transform it into residential apartments. This mixed-use site is currently a used car dealership. The sale was negotiated by Nick Bade from Lemon Baxter. The tenant has a lease agreement until January 18, 2013 and is currently paying $31,800 per annum. There is no option to renew the lease.
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