The largest deal this week was the acquisition by Development Victoria of the Channel 7 headquarters at 160 Harbour Esplanade, Docklands for $100M. The building was sold by the NRMA on a 5.3% yield. Channel 7 have a lease over the building until 2025 however Development Victoria plan to move the broadcast centre to the western end of Docklands Drive, opposite Docklands Studios, as part of their plans for the redevelopment of the Docklands Stadium which will see the stadium extend its footprint to the waterfront.
151 Property Group looks to have finally sold its 217 George Street Brisbane Development site having obtained a DA last year for a 90 storey residential building. Charter Hall are the likely purchasers for around $90m, however the sites are likely to be landbanked for a future commercial office tower.
In Melbourne, Larry Kestleman, a successful entrepreneur, developer and all things in Australian basketball, has sold a property at 10 Queens Rd, Melbourne for $60M, having acquired it in 2013 for $21.3M. Of course, back in 2013, buyers were few and the acquisition yield of 10.3% reflected a soft market. The buyer today, a chinese group, are paying a price based on a yield of circa 5% but with a passing yield of 3.8% . Kestleman will continue to occupy part of the premises for his businesses.
In Sydney, Security Capital have sold the blue commercial tower at 154 Pacific Highway St Leonards to a private buyer for $60M, showing a yield of 5.8%. The group acquired the asset in 2012 for $25.5M. The nine-level, 6427 square metre property has been upgraded and is leased to tenants such as Ramsay Health Care and Hyundai Merchant Marine.
Bob Ell's Leda Holdings has acquired an industrial facility in Milperra for $52M with plans to develop strata warehouse units. Lennox Industrial Inc sold the eight-hectare site, at 286 Horsley Road, which is located in one of the most tightly held industrial precincts in Sydney, with a holding income of $2.1 million per annum for two years.
Scroll through the list below or head to ReDataSource for further details.
* indicates unconfirmed price or apportionment of a portfolio sale