The largest deal this week was the acquisition by Macau based Loi Keong Kuong of the Sold Boardwalk at Surfers Paradise for $90M. This asset was put into the hands of the receivers in 2012 following the collapse of the developers of Soul, Juniper Group. The retail centre first came to market in 2015 with CBRE but failed to sell. Three years later and with a better retail mix, the centre offers $7.1m in net income from its three levels of strata retail space totalling 6936sq m as well as 181 basement car bays. The transaction reflects a yield of 7.9%.
Also this week, Centuria Metroplotian REIT disposed of 3 Carlingford Rd, Epping for $36M and a yield of 5.4%. The sale price represented a 118% increase on the purchase price of $16.5 million in December 2014. The site has recently been rezoned for residential uses with a 15 storey height limit which can accommodate up to 10,300sqm of GFA. The current oversupply of apartments in Epping means this asset will likely remain commercial for the short to medium term.
Also this week was the sale of 6 Huntley Street Alexandria for $33.3M. The property at Paramount Estate, 6-8 Huntley Street, Alexandria was sold to a local investor through CBRE. It is large site within Alexandria’s creative commercial hub which offers the new owner flexibility and development upside.
Scroll through the list below or head to ReDataSource for further details.
* indicates unconfirmed price or apportionment of a portfolio sale