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Blue-chip childcare asset tipped to attract local and offshore buyer interest

11 May 2018

A recently developed childcare centre leased to one of Australia’s leading operators has been listed for sale.

The centre, which is licensed for 140 places, is located at 459 Brookfield Boulevard, Mickleham.

Completed in December 2017, the circa 895sqm facility occupies a site area of 2,933sqm. It is leased to Nino Early Learning – a highly successful private company with 18 childcare centres either operating or in the development pipeline across Australia

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Premium asset achieves biggest Victorian childcare sale of 2018

9 May 2018

The CBRE Victorian Health, Aged and Childcare team has successfully transacted its third childcare asset of 2018. The premium childcare facility located at 1066 Centre Road, Oakleigh follows the team’s successful sales of childcare assets in Newport and Ravenhall.

Transacting at a price of $9,500,000, the sale reflects a building rate of $9,480 and is the biggest Victorian childcare sale of 2018. The outcome means that CBRE currently has a 100% sale rate for childcare assets this year, indicative of another strong 12-month period for the team that last year achieved a clearance rate of 92%. (more…)

Caulfield North healthcare asset sells at record land rate

9 May 2018

The CBRE Victorian Health, Aged and Childcare team has successfully transacted a Caulfield medical asset for $4,825,000, achieving a record land rate for the area.

73 Kooyong Road is a freehold medical investment owned by renowned Australian neurosurgeon, spinal surgeon and researcher Professor Richard Bittar and is fully leased to Precision Brain, Spine and Pain Centre for 10 years. The auction for the 503 sqm site was strongly contested and demonstrates that demand for medical and healthcare assets by astute investors is a highly desirable asset class in the eyes of investors.

Transacting on a record land rate of $9,600 per sqm for a Commercial 1 Zoned property, 73 Kooyong Road represents a 40% uplift on a recent sale of a Balaclava Road property which sold for $5,900 per sqm in September 2017. (more…)

Cremorne windfall as neighbours sell significant office development site

4 May 2018

Neighbouring Melbourne landowners have made a close to $23 million windfall after selling their combined properties in Cremorne.

The 116-124 Balmain Street landholding was recently offered for sale through the CBRE Victorian Development Sites Sales team of Julian White, David Minty and Chao Zhang.

The sale price for the 1,750sqm, Commercial 2-zoned landholding, translates to almost $13,000/sqm – representing a significant uplift from recent major sales in the Cremorne precinct. (more…)

Asian investor pays $18.8m for Maroondah Village

3 May 2018

A Melbourne based Asian investor has paid $18.8 million on a sharp 4.6 per cent yield for the Maroondah Village Shopping Centre at Croydon in Melbourne’s north-east in a deal brokered by CBRE.

The single level neighborhood centre is anchored by a strongly trading Coles Supermarket and complemented by 10 specialty retailers, spanning a site area of 9707 square metres which includes 2000 square metres of surplus land and 113 at grade car parks. The centre is 98 per cent leased with an annual net income of $850,000.

According to CBRE National Director Mark Wizel, who brokered the deal with Director Retail Investments Justin Dowers, and Kevin Tong, the property attracted a strong field of local and international investors. (more…)

De Lutis pays Abacus $61m for Bacchus Marsh Village

27 April 2018

Melbourne property baron, Colin De Lutis, has purchased Abacus Property Group’s The Village Bacchus Marsh shopping centre, for $61.65 million on a yield of around 6.95% following a hotly contested Expressions of Interest campaign managed by CBRE National Director, Mark Wizel.

The single level,16,000 square metre (GLA) centre, which Abacus purchased in July 2013, boasts more than 60 tenants and a very strong anchor tenancy profile including Coles, Aldi and Target Country, as well as a string of mini-majors with Kaisercraft, The Reject Shop, Anytime Fitness, Nova Pharmacy and The Elms Medical Centre.

The 4.39 hectare, central township, site has four street frontages, six access points and 714 parking spaces and was sold with a potential net income (fully leased) of circa $4.5 million. Coles has a 15 year lease, while Aldi, Nova, and Elms all have ten year terms, with options. (more…)

Stockland sells Highlands SC for $43 million

26 April 2018

A mainland Chinese buyer has paid $43 million on a passing yield of just under 5.4 per cent for Stocklands’ Highlands Shopping Centre at Craigieburn in Melbourne’s outer north.

The purchaser, believed to be associated with Australasian Eco Pacific Holdings, was one of nine formal offers, of an initial 140 enquiries, six of whom resubmitted in the second round of the Expressions of Interest process, reflecting the strength of the sub $100 million retail investment market in Victoria.

CBRE National Director Investments, Mark Wizel, who negotiated the sale with Victorian Retail Investments team members Justin Dowers and Kevin Tong, said the focus of Asian based investors was growing along with their greater knowledge and confidence in the Australian investment market. (more…)

EG to offer Melbourne CBD office asset for sale

26 April 2018

A 12-storey office building in the heart of Melbourne’s legal precinct has been listed for sale by real estate fund manager EG Funds Management. 277 William Street is to be sold via International Expression of Interest and is expected to attract interest in excess of $80 million.

CBRE’s Kiran Pillai, Neva Courts and Josh Rutman have been conjunctionally appointed to market the Melbourne CBD property with JLL’s Langton McHarg, Leigh Melbourne and Paul Kempton.

The 12,050sqm building, located opposite to Flagstaff train station, is fully leased and provides a desirable 3.9 year WALE.

“We expect 277 William Street to unlock a key opportunity for groups looking to take advantage of Melbourne’s strong market conditions,” Mr Pillai said.

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Cedar Woods builds on Williams Landing success with government backed investment opportunity Copy

26 April 2018

National property developer Cedar Woods has moved to sell a new A-grade office building it is developing in the growing commercial precinct of Williams Landing in Melbourne’s booming south west.

Located at 107 Overton Road, the four-level office building is fully leased to the Victorian State Government (Minister for Finance) for an initial 15 years, with two additional five-year options available. (more…)

14-studio block sells $605,000 above reserve

24 April 2018

A block of 14 student accommodation studios opposite Deakin University’s Burwood Campus has sold under the hammer for $3.105 million – $605,000 above the reserve price.

The 216 Burwood Highway property was purchased by a Chinese investor, who outbid five other local and overseas parties to secure the block at a sharp 4.2% yield. It marks their first property investment in Australia.

CBRE Melbourne’s Mark Wizel, Nathan Mufale, Dylan Kilner and Leon Ma transacted the sale through an international marketing campaign. Mr Mufale noted the sale price represented a new record for Burwood with the property selling for $221,786 per unit and at a land rate of over $5,175 per square metre. (more…)