Weekly Transaction Update – 14th April

16 April 2017

A solid short week of activity in the lead up to Easter saw 11 property transactions recorded worth over $440m. The largest deal of the week was the sale of 59 Goulburn Street Sydney for $158M by Roxy Pacific to TFE Hotels, Far East Organisation & IProsperity. The property is a B Grade commercial building of 19,409sqm. Roxy Pacific acquired the asset from Charter Hall in 2014 for $90m and since obtained a DA for a new 29,489sqm building including 407 hotel suites, 90 apartments and 3,720 of retail space. The second major deal of the week involved the acquisition of 4 properties in the Charter Hall portfolio by Blackstone. The acquisition price of $126M was based on a reported yield just below 7%. The portfolio was a mixed bag of industrial properties, the largest of which was in Frederick Rd, Tottenham, VIC with a GFA of 100,000sqm the property is leased to AWH for a further 5.5 year term. Charter Hall’s Core Logistics Partnership (CLP) purchased this site in December 2013 for $39.07m on a yield of 9%. The split of prices across the whole portfolio is not fully disclosed and we have shown a pro-rata price based on GFA until further information is available. Also this week, the Roche Family sold 20 Cross Street Double Bay to a private developer for $55M. This asset consisted of a 2 level boutique shopping complex with a DA for 34 apartments. The price at $1.6m per proposed apartment is certainly at the premium end of the market. Scroll through the list below or head to Propel for further details.