Weekly Transaction Update – 7th July

After a few weeks of high level of transactions, the market has taken a breather this week recording just 9 deals worth $725M. The largest deal this week was the sale by Kirela Development Trust of the Bakehouse Quarter in North Strathfield for $380M. The site contains a mix of commercial and retail assets that were established around several heritage assets from the Arnott’s Biscuit Factory. The 6 ha site offers a significant redevelopment opportunity in years to come as planning for a light rail route from Parramatta to Sydney Olympic Park and through to Strathfield will offer significant urban regeneration options. The $380M price tag equates to $6,333/sqm. Yuhu Group were the purchaser of the site and have been active in acquiring residential development site in Sydney over the past few years. The vendor is 85% owned by the listed Blackwall Property Trust. In another large deal this week, a private investor acquired 116 Miller Street North Sydney on a yield of 5%. North Sydney has become a focus of real estate investors as tenant demand has increased following the tighter supply conditions and increasing rents in the CBD. There were a number of other deals this week. Scroll through the list below or head to Propel for further details.