Weekly Transaction Update - 30th November 2018


This week we recorded 21 major transactions worth $409M

Blackstone finds buyer for Waverley Gardens

Blackstone has found a buyer for Waverley Gardens in Victoria for $178M having paid $140M for the asset in 2014. The buyer, Elanor Investors Group, has set up a new fund with Heitman to hold the asset. The transaction is estimated to reflect a 6% yield.

Waverley Gardens is a well-established 39,554-square-metre sub-regional shopping centre located in a strong population growth corridor, 25 kilometres southeast of the Melbourne CBD. It is anchored by Woolworths, Coles and ALDI supermarkets and two discount department stores​. The Centre sits on a 10.6 hectare parcel of land alongside the M1 motorway

Blackstone acquired the asset on a 7.7% yield as part of a $390M non-core portfolio asset sell off by Mirvac. Mirvac provided a 4 year vendor loan to Blackstone of $156M at an initial rate of 8% pa.

The sale of the asset comes as Blackstone's continues to hold a larger slices of retail assets than they would like following their decision last year to shelve the $3 billion sale of its Australian portfolio of regional and sub-regional shopping centres, which included Top Ryde, Greensborough Plaza and Westfield Warrawong, Strathpine and Figtree.

Smithfield Industrial site sold

An industrial office / warehouse in Smithfield recently sold for $22.0M to local investor CEA Property. The property is located on the southern side of Britton Street which runs off Long Street, Smithfield, approximately 7km south west of Parramatta. Britton Street is a B-Double approved route and well located to the Cumberland Highway and M4 Motorway.

The property has been owned and operated by Tien Wah Press Holdings which operated a tobacco carton printing business called Anzpac Services. Following the decline in cigarette consumption and introduction of plain packaging the business was sold to subsequently sold to Hong Kong Investor Jerome Chan. The business has a lease on 63% of the property until May 2019. A second unit remains vacant.

The asset, which comprises 14,089sqm of net lettable area, was built in the early 1990's and extended in 2003.

Eyes on Penrith Hotels

The Thornton Estate in Penrith is attracting attention following the recent sale of the completed Quest Hotel for $30.25M.

UrbanGrowth NSW acquired the 40-hectare Thornton Estate site from the Commonwealth Department of Defence in 2012 and completed the rezoning and concept plan. UrbanGrowth NSW acted as the master developer, delivering all the infrastructure and public domain works for the site.

The Thornton apartment precinct is a joint venture development between St Hilliers, and First Point Projects retail and community developers

The Quest Hotel project was delivered by St Hilliers and features 115 apartments over seven levels, comprising studio, one and two-bedroom configurations, and includes on-site parking, a conference room and gym. The hotel is located adjacent to Penrith railway station within walking distance of Westfield Penrith.

Libs Sell Exhibition Street HQ

The Victoria Liberal Party has today revealed the sale of its long-time headquarters in 104 Exhibition Street in Melbourne’s central business district for the higher-than-expected price of $37.1 million at a sales rate of about $16,100 per square metre on net lettable area.

The purchaser was a very high-end luxury retail brand who have purchased the building with plans to owner-occupy for their Melbourne head quarters.

Review our other transaction data at ReSourceData.

* indicates unconfirmed price or apportionment of a portfolio sale

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Email: warwick@cmaust.com

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