A late rush of sales prior to Christmas has seen $2.1bn of transactions across 20 different deals recorded across the market. The largest deal this week was the acquisition by Stockland who has entered into an agreement to acquire approximately 184 hectares of land in Marsden Park for $398 million on deferred terms over five years. The site is located on the northern side of Richmond Road within the North West Priority Growth Area. The agreement, which is conditional on land rezoning and additional terms, gives Stockland exclusive rights over prime land adjacent to Stockland’s existing Marsden Park masterplanned community, Elara. Subject to rezoning, this acquisition will allow the development of approximately 2,000 new residential lots. Also this week, 231 Elizabeth Street was acquired by Charter Hall for $340M on a yield of 5.15%. The 15 storey building known as Telstra House is fully leased to Telstra on a 2.4 year WALE. Constructed in 1987, the property has been progressively refurbished, most recently in 2010 and comprises large flexible floor plates, which average 1,740sqm per floor which Tesltra would find hard to find if they thought of moving out. Bright Ruby paid just $201M for the asset in 2013, generating a capital profit of $140M over 4 years. And also this week, ISPT acquired a 50% interest in Kawana Shopping Centre on the Sunshine Coast for $186M. The deal was struck on a cap rate of 5.5%. The 38,415-square-metre centre is anchored by Big W, Woolworths, Coles, Aldi and a JB Hi-Fi. More than 50 per cent of its leases expire beyond 2020. As part of the arrangement, Mirvac and ISPT have a fund-through agreement on further development of the mall, including including a cinema and expansion of the dining precinct. Scroll through the list below or head to RE-Intel for further details. * indicates unconfirmed price #Stockland #Mirvac #CharterHall #ISPT
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