Last week we recorded $849M of transactions across 18 assets. A new record for a development site was set last week with the purchase by Country Garden of a 360 ha parcel of land in Wyndham Vale, west of Melbourne. This sale easily eclipses the previous record of $360M paid for 185ha in Point Cook last year by another Chinese developer, Dahua Australia. The Wyndham Vale vendor, Phileo paid just $14.5 million for the rural property in November 2004 shortly before the Growth Boundary was changed to incorporate this land. The sale remains subject to FIRB approval and comes with a 4 years terms payment. The Project IRR for Phileo (ignoring other consultant and land holding costs) would have exceeded 24% pa for the 16 year period. The price equates to approx $100,000 per potential lot or $1.14M per hectare and compares to Frasers’ purchase of 115ha right next door in April 2016 at $0.86M per hectare. The Frasers site is superior in many ways to the Country Garden site with access to a railway station and provisions for higher density options and a town centre site. In other transactions, Centuria Metropolitan REIT announced the acquisition of 144 Sterling Street and 42 Colin Street Perth for $91.8M on a yield of 7.5%. Centuria believe that their entry into Perth is at or near bottom levels and where there’s enough lease term remaining (3.7 and 4.8 years) to get the through any further downturn. The SQM rate for these two assets at $5,271 and $3,982 are well below the 12 month average for Perth of $6,788/sqm. There were a number of other deals this week. Scroll through the list below or head to Propel for further details.