This week we recorded 25 major transactions worth $811M Sub Regional Sale In Burwood, VIC For the first time in 26 years, the private family owners of Burwood One have traded the sub regional shopping centre for approx $180M, reflecting a yield of circa 5.2%. The 58,780sqm site at 172-210 Burwood Highway, Burwood East includes Australia’s strongest trading Coles and Kmart combination and the oldest Kmart store in the country. The Centre also contains an Aldi, six mini-majors and 51 specialty shops. The shopping centre has an estimated net income of more than $9.5 million a year and a zero vacancy rate. The Hansky’s Family bought the shopping centre in 1993 and extended it four years later. It was extended again and renamed Burwood One in $50 million refurbishment in 2010. Charter Hall take Fragrance Group Collins St site 555 Collins Street property has become a handy barometer for the state of the development market in the Melbourne CBD. In 2013, the site owner Harry Stamoulis, (who a year earlier paid $38M for the site) submitted a DA for a 400 metre high office tower. Matthew Guy, the then planning minister had modified the site’s planning scheme, allowing the massive tower envisaged by Mr Stamoulis to overshadow the Yarra River significantly. The original proposal had not progressed very much before Mr Stamoulis sold the site to Fragrance in mid-2014 for $78 million. Fragrance itself, controlled by property tycoon Koh Wee Meng, submitted plans for a 91 storey 302 metre residential tower just before the change of of government in October 2014. In September 2015, Mr Wynne, the new Planning Minister moved dramatically to put a halt to perceived over-development within the CBD, and the 555 Collin Street proposal was sent back to the drawing board and in 2016, Fragrance Group appointed Knight Frank to sell the site. With no buyers for it two years ago and Fragrance changed tack again, winning approval for a smaller, residential-only development that it began marketing in the middle of last year. Having pre-sold only 46% of the apartments, Fragrance Group have abandoned plans to develop the site and have now sold it to Charter Hall Prime Office Fund for around $140M, Charter Hall own the adjoining site at 55 King Street and can combine the two sites to form a 4,620sqm site with capacity for a major office development precinct on Collins St. Brisbane ibis Styles Hotel Sold for $100m Legend Land, an associate of Worldwide Hotels has acquired the Brisbane’s ibis Styles hotel in a deal worth about $100 million. The 367-room ibis Styles hotel, which fronts 40 Elizabeth Street in the Brisbane CBD, was opened in March 2016. The vendor, Action Hotel is recognized as an active hotel company in the Middle East and Australia with 16 different hotels across the region. According to CBRE, more than $200m in offshore capital has been invested in Brisbane hotel acquisitions in the past 12 months via German, Hong Kong and Singaporean buyers. Recent sales include the Emporium Hotel, Fortitude Valley, to Ovolo for $34m and the Ibis and Mercure Brisbane hotels to Commerz Real. According CBRE research, Brisbane experienced a 1.6% decline in occupancy while ADR grew 1.5%, resulting in Rev PAR falling 0.1%. There has been increased visitation from domestic travellers for holidaying and business thanks to the falling dollar. Total visitor nights from corporate travellers grew 25%, coinciding with the improved business outlook for QLD. Other Sales Scroll through the list below or head to ReSourceData for further details. * indicates unconfirmed price or apportionment of a portfolio sale #ReDataSource
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