Derelict warehouse sells for $1m-plus in western Sydney
A western Sydney warehouse in a state of disrepair has sold for $1.01 million to an owner-occupier who is eyeing its development potential. The 589sq m property at 16 Mary Street, Regents Park, is zoned R2 low-density residential and has development approval for two attached dwellings. CBRE’s Robert Dowdy managed the sale to Donny Painting & Tiling for a private owner.
Corner ideas
A local developer has bought a vacant corner development site in Melbourne’s Moonee Ponds for $2,811,000.
CBRE’s David Minty, Nathan Mufale, Alex Brierley and JJ Heng managed the auction sale of 48 Holmes Road, Moonee Ponds – an 1164sq m site previously earmarked for an apartment project. The property sold for $211,000 above the reserve, according to the agents.
House rules
Amira Property Investment Pty Ltd has bought a 685sq m development site in Sydney’s south-west from the Leigh family of Belmore. The property at 33 Lucerne Street, Belmore, is a vacant house on a 685sq m block. Savills Australia’s Ollie Ridley and Nick Lower steered the sale. The agents could not be reached for comment but market sources believe the sale price was about $1.2 million.
Insert titles
A 620sq m whole-floor office in a Brisbane medical precinct has sold for $2.3 million. Savills Australia’s Gregory Woods, Daniel Pepper, Jason O’Meara and Sam Mountford managed the vacant-possession sale of 3/101 Wickham Terrace, Spring Hill – a 620sq m space with multiple titles.
On the money
A buyer who plans to develop industrial units has picked up a vacant site in Sydney’s north-west for $5.5 million. Colliers International’s Phillip Bradac and Paul McGlynn sold 2 Money Close, Rouse Hill, a serviced and benched corner block of 9011sq m, on behalf of GSC Ltd.
Mr Bradac said the sale was a strategic divestment by GSC to redeploy funds to an alternate property.
Big-box buy
A vacant showroom in a Melbourne large-format retail precinct has sold under the hammer for $2,805,000 to a local investor. Fitzroys’ Mark Talbot and Lewis Waddell, and Nichols Crowder’s James Glen and Andrew Pannam, took 428 Whitehorse Road, Nunawading, to auction.
Mr Talbot said multiple bidders pushed the sale price $505,000 past the reserve.
Well thought out
A Sydney investor has bought a new Sunshine Coast medical centre for $15.3 million on a sale-and-leaseback basis. Ochre Health Hub at Caloundra, a purpose-built 1964sq m two-level building, sold off market on a yield of 5.39 per cent. Savills Peter Tyson and Michael Harcourt handled the sale for Ochre Health, which will occupy the property on a 15-year net lease after moving from a smaller clinic in the precinct. Prosper Group’s Damien Holliday acted for the buyer.
“New single-tenant medical investments with long lease security and national tenants such as Ochre Health … are rare and highly sought after by the marketplace,” Mr Tyson said.
Freight expectations
A freight forwarding company has paid $1.49 million for a 772sq m warehouse property in Melbourne. Colliers International’s Corey Vraca and Mitch Purcell negotiated the off-market sale of 32-34 Butler Way, Tullamarine, for a private vendor.
“The buyer at this site was looking to increase their warehouse capacity due to the increased demand for sanitiser and PPE [personal protective equipment],” Mr Vraca said.
Submissions to property@afr.com
