Warren Ebert’s Sentinel Property Group has flipped a second Melbourne commercial asset in as many months.
The Dandenong Home Quarter complex, about 31 kilometres south-east of town, is understood to be selling for more than $30 million, reflecting a modest capital gain for the Brisbane-based syndicate which acquired the retail asset 18 months ago for $29.8 million.
Occupying 3.2 hectares at the prominent intersection of Frankston-Dandenong Road and the Dandenong Bypass, Dandenong South, the 12,234-square-metre complex returns annual rent of $2.24 million from 11 tenants including major retailers, Officeworks, Supercheap Auto and The Good Guys.
With 275 car parks, it services a local population of more than 150,000, according to CBRE selling agents Justin Dowers, Kevin Tong and Mark Wizel.
Any deal comes four months after West Perth-based RG Property banked a reported $30 million selling the Village Dandenong complex – a 5343-square-metre complex on 1.9 hectares, which was returning annual rent of just over $1.8 million.
In September, Sentinel Property Group banked a reported $33.98 million offloading a three-level retail asset at 140 Bourke Street, in the Melbourne CBD, which it bought for $20 million in late 2013.
In that month, the company, which has more than $2 billion of real estate assets under management, also listed for sale the Nowra House & Home complex, on the NSW south coast, which it bought for $15.3 million in 2015.
Earlier this year Sentinel Property Group banked $44 million selling three regional NSW shopping centres, which it bought for a total of $26.1 million three years ago.
Central Geelong asset fetches $7.52m
A shopping arcade with enormous redevelopment potential in central Geelong sold for $7.52 million last week – a yield of about 5 per cent.
The property, forming a corner and known as 115-145 Moorabool Street and 102 Little Malop Street, offers 5860 square metres of commercial space – of which 3000 square metres is upstairs, configured as offices. Downstairs, 14 shops occupy the site which has nearly 100 metres of street frontage.
Allard & Shelton’s Michael Ryan, James Gregson and Joseph Walton represented the owners, a consortium of high-net-worth individuals. The holding – across 2075 square metres – was also marketed to high-rise developers for its potential to make way for, among other things, apartments, a hotel, or offices.
In September, developer Scott Vickers-Willis’ company Techne, with joint venture partner, Geelong investor, Dean Montgomery, proposed the 11-storey Dennys Lascelles Tower to replace airspace atop a woolstore at 20 Brougham Street, Geelong. The proposed complex will include eight levels of office space.
Last year, Techne secured the National Disability and Insurance Scheme as the anchor tenant for a proposed office building to be built on the former Carlton Hotel site in Geelong’s Malop Street.
Eastwood Bairnsdale selling
The five-year-old Eastwood Village Shopping Centre in Bairnsdale, a regional town about 280 kilometres east of Melbourne, is understood to be close to finding a buyer.
The 1.65-hectare site containing a 4154-square-metre centre that returns $978,000 per annum in rent, is speculated to be worth more than $10 million.
Eastwood Village is anchored by a Ritchies Supa IGA supermarket and includes a medical centre, 12 specialty stores and nearly 170 car parks. The retail asset was listed in July by CBRE’s Justin Dowers, Kevin Tong and Mark Wizel.
Numerous retail assets have sold on sub-7 per cent yields recently: in May, a private investor paid $5.5 million (reflecting a 4.85 per cent yield) for the IGA Blackburn complex in Melbourne. In March, The Markets Yarrabilba property in Queensland sold for $9 million (a yield of 4.74 per cent).
Also in March, an IGA complex in Stawell, about 240 kilometres north-west of Melbourne, exchanged hands for $5.1 million, reflecting a yield of 5.83 per cent.
I-REIT pays $10.5m for Mitcham asset
Canberra-based Indigenous Real Estate Investment Trust (I-REIT) has paid $10.5 million for a modern and fully leased industrial asset about 21 kilometres east of the Melbourne CBD.
The four-year-old complex at 28 Edgerton Road in Mitcham, includes a 5480-square-metre building, configured as an office, warehouse, showroom and production area, and small open-air car park.
Offered with a new seven-year lease to established tenant, international lighting company, Versalux, and returning starting annual rent of $703,630, the asset is exchanging hands on a yield of 6.7 per cent.
Knight Frank’s Gab Pascuzzi and Adrian Garvey were the marketing agents.
The deal comes five months after I-REIT paid $11.6 million for a Woolworths-anchored shopping centre in Mackay, Queensland. Elsewhere in the sunshine state, it also owns the Townsville Central Shopping Centre. I-REIT’s portfolio also includes the Katherine Government Centre (Katherine, NT) and the IGA Building in Kalgoorlie, Western .
I-REIT was launched in 2013 to provide Indigenous investors the opportunity to invest in partnership with other Indigenous groups. As of March this year, its portfolio under management was worth more than $100 million.
Prestige Kew property worth more sans mansion
An enormous Kew property that failed to sell as a development site two years ago – when a historic home was sprawled across it – has found a buyer following a recent campaign, as a block of dirt.
The development site marketed as 367 Cotham Road is believed to be exchanging hands for about $11 million.
On the north-east corner of Bradford Avenue, the 2411-square-metre block was offered with a permit to build 28 apartments within a four-level complex. The proposed building, with an internal area of 3195 square metres, would enjoy views of the Melbourne CBD about six kilometres away.
CBRE’s Julian White, Jimmy Tat and Lewis Tong marketed the property, which was for sale via a different agency in 2015. It had previously traded for $5.6 million in December 2013 as a prestigious estate, with a historic eight-bedroom home.
Email: [email protected]苏州夜总会招聘