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Hamton snares Healthscope’s Cotham Private Hospital site in Kew

12 December 2018

The former Cotham Private Hospital in Kew has been earmarked for a significant residential development following its sale to prominent local developer Hamton.

Private healthcare operator Healthscope listed the prominent Cotham Road site for sale following the hospital’s recent closure.

CBRE’s Sandro Peluso, Julian White, Josh Twelftree and Jimmy Tat negotiated the deal with Hamton in conjunction with transaction manager Dan Magree of Magree Property Advisory.

Mr Peluso said the highly competitive campaign had resulted in one of the most notable healthcare property transactions of 2018. (more…)

Shanghai buyer’s $44.5m for Coles Aurora

10 December 2018

A Chinese investor introduced through CBRE’s Shanghai office has pipped several local and international rivals in paying $44.5 million on a circa 5.6 per cent yield for Coles Group’s Aurora Village neighbourhood centre at Epping in Melbourne’s north.

CBRE National Director Investments, Mark Wizel, who brokered the deal with Justin Dowers, Kevin Tong and Lewis Tong, said the purchase by a first time shopping centre buyer followed last month’s sale of Burwood One for $181.5 million, also to a first time buyer.

“This is the second result in a row to first time Chinese retail buyers adding further to confirmation of the 2018 trend away from pure development sites to income producing assets with the potential to add value through future development . (more…)

Schwartz family sets new Melbourne benchmark with Liberty Tower retail sale

5 December 2018

Melbourne’s Schwartz family realised $21,500,000 from the sale of a portfolio of ground floor shops beneath Melbourne’s landmark Liberty Tower apartment tower, representing the largest strata portfolio transaction in the city’s history.

The eight shops were offered together after 20 years of ownership as part of CBRE’s latest Premium Property Portfolio Auction (PPPA).

CBRE’s Josh Rutman, Nathan Mufale, Kevin Tong, Dylan Kilner and Max Ruttner marketed the properties, with the sale to a Sydney-based investor reflecting a new pricing benchmark for strata portfolio investments in Melbourne’s CBD. (more…)

Premium Auctions Success Story for CBRE – Latest Auction Raises $48 million

3 December 2018

CBRE’s Premium Property Portfolio Auction platform rounded off the 2018 series with an 86 per cent clearance rate with multiple bidders paying a total of nearly $48 million for six out of the seven properties auctioned.

The properties auctioned on Thursday, November 29 included:

  • 7/11 Service Station, North Melbourne –        $4m                 @ 4.57%
  • 7/11 Service station, Kallangur, Qld     –       $5.27m            @ 5.88%
  • Kiewa Kids Early Learning Albury,     –       $2.65m            @ 7.1%

(more…)

Office becomes resi becomes office – Demand surges for office development sites

26 November 2018

Dramatically changing market forces have spawned a new breed of commercial building chameleons across Melbourne with plans to turn offices into apartments being abandoned in favor of returning to office space.

According to CBRE National Director Investments Mark Wizel, while the long term prospects for large scale residential projects remain positive Melbourne’s booming office market has made office development the compelling shorter term alternative.

“Residential is in a cyclic downturn but make no mistake it will recover as Melbourne’s population continues to outpace the rest of Australia’s capitals, however currently the case for office development is extremely good with solid rental growth, reducing incentives, and vacancy, at 3.6 per cent, at its lowest point in a decade. (more…)

Jeff Xu sells Victoria One for $13.6 million

21 November 2018

Prominent Melbourne property player Jeff Xu has sold his Victoria One portfolio of five CBD strata retail properties to a Melbourne based investor for $13.615 million on a 5.5 per cent yield and at what is thought to be a record building rate of $27,230 a square metre for similar properties.

CBRE Manager, Melbourne City Sales, Nathan Mufale, who brokered the deal with National Director Investments, Mark Wizel, Leon Ma, and Ben McMahon, said the result was unprecedented for strata retail in the Melbourne CBD.

“This is an extraordinary result, considering that 65 per cent of the building area was level 1 and 51 per cent of the portfolio derived income from level 1, and one that underscores the trending demand for strata retail in the CBD and at the same time provides developers with a level of confidence that multi-level retail components have a ready market across both leasing and investment markets,’’ Mr Mufale said. (more…)

CBRE retail team nabs highly regarded valuer

21 November 2018

CBRE’s Victorian Retail Investments team has secured the services of highly regarded valuer, Annalee Neil.

Ms Neil, a Deakin University property graduate, will take on the role of Analyst, Victorian Retail Investments, following nearly three years as a valuer at M3 Property where she focused on valuing retail assets for many of Australia’s major shopping centre owners.

National Director Retail Investments, Mark Wizel and State Director Retail Investments, Justin Dowers, said they were delighted to announce the appointment. (more…)

One of the most significant foreshore landholdings on the Mornington Peninsula brought to market

15 November 2018

One of the largest individual landholdings on Victoria’s Mornington Peninsula is to be offered for public sale by the Victorian Government’s Department of Health and Human Services.

CBRE’s Mark Wizel, Lewis Tong, Bianca Butterworth and Ashley McIntyre have been appointed to market the elevated, 3.41ha Mount Eliza property, which overlooks Port Phillip Bay.

Situated less than 45 minutes from the Melbourne CBD, the 33 Jacksons Road site was initially developed from the late nineteenth century as the private residence Beachleigh. (more…)

Asian buyers splash $550 million in 18 weeks

15 November 2018

The strong Asian interest in Melbourne’s commercial property market remains despite restrictions on off-shore Chinese investors with CBRE selling 21 properties worth more than $550 million to Asia-linked investors since the first week of July.

The purchases, which included an unknown off-shore finance component, were part of an extraordinary 18 week period which saw 43 properties sell for more than $900 million, including the sub-regional shopping centre Burwood One which sold for $181 million, and office buildings at 509 St Kilda Road ($163m), and 277 William Street ($93.88m), all of which sold to Chinese buyers. (more…)

Local family to sell Elsternwick retail investment after 50 years

9 November 2018

A freestanding retail investment with significant mixed-use development potential in Elsternwick is to be offered to the market for the first time in over 50 years.

The property at 1-3 Horne Street occupies a substantial 614sqm landholding with 20m of frontage and has direct access to Elsternwick’s anchor retail strip, Glen Huntly Road.

CBRE’s Rorey James, Julian White, Nic Hage and JJ Heng have been exclusively appointed to market the property. (more…)