1 April 2013 – 30 April 2013 TRANSACTIONS IN EVIEW R JANUARY & FEBRUARY 2018 ABOUT THIS REPORT Inside this Issue Preston Rowe Paterson prepare monthly research reports covering the Sales main markets within which we operate in each of our capital cities and Commercial Page 2 major regional locations. Industrial Page 4 Retail Page 5 The markets covered in this research report include the commercial office market, industrial market, retail market, specialized property Residential Page 5 market, hotel and leisure market, residential market and significant Residential Development Page 6 property fund activities. Specialised Properties Page 6 Hotel and Leisure Page 7 We regularly undertake valuations of commercial, retail, industrial, hotel and leisure, residential and special purpose properties for many varied Leasing reasons, as set out later herein. Commercial Page 8 We also provide property management services, asset and facilities Industrial Page 8 management services for commercial, retail, industrial property as well as plant and machinery valuation. Property Funds & Capital Raisings Page 9 About Preston Rowe Page 10 Paterson Contact Us Page 11 Phone: +61 2 9292 7400 Fax: +61 2 9292 7404 Address: Level 14, 347 Kent Street Sydney NSW 2000 Email: [email protected] Follow us: Visit www.prp.com.au © Copyright Preston Rowe Paterson Australasia Pty Limited Page | 1 SALES 76 Skyring Terrace, Newstead, QLD 4006 AMP Capital has acquired the mixed-use Gasworks Plaza complex Commercial from Aveo Group for $248.4 million in a deal brokered in December 2017. The subject property is divided into three mixed-use segments, 58 Waterloo Road, Macquarie Park, NSW 2113 which include a neighbourhood shopping centre of 8,740 m2 Goodman Group has acquired two vacant office buildings from anchored by a Woolworths supermarket, 31 specialty tenants in Swiss pharmaceutical company Novartis International for $40.5 addition to 8,994 m2 of office space. This is spread over two buildings million. The site occupies an area of 1.13 hectares and includes and complemented by a car park for some 426 vehicles. Gasworks 3 is some 50 parking bays and currently under construction and will supply a further 1,100 m2 of a separate on-grade car retail space and 81 car park spaces. The sale reflects a total rate of park for some 70 vehicles. $13,189 psm lettable area. Newstead is situated 2.8 km north-east This sale reflects a rate of of Brisbane’s CBD. $3,584 psm site area. (AU 08/02/2018) Macquarie Park is located 15.7 km north-west of 69-77 King Street, Newtown, NSW 2042 Sydney’s CBD. Australian charity CanTeen has purchased a c.1880s three-storey, (AFR 14/02/2018) Victorian Flemish style commercial building for $13 million from vendors Moore Theological College, after leasing most of the property 630-638 George Street, Sydney, NSW 2000 since 2014. The Private owners have disposed of two office buildings in the south of Trocadero, a heritage Sydney’s CBD for $94 million to private Singaporean investors in building, contains 2,008 an off-market sale. The 1,000 m2 site has a current building height m2 of floor area, some 8 restriction of 230 metres and it is reported the purchasers will parking bays and has a 5 develop the site into apartments and hotel rooms in the future. The -Star NABERS Energy sale represents a rate of $94,000 psm site area. The floor area was rating. The sale reflects a undisclosed. rate of $6,474 psm (AFR 13/02/2018) lettable area. Newtown is situated 4 km south- 6-8 Bennett Street, East Perth, WA 6004 west of Sydney’s CBD. Singapore listed OKP Holdings has purchased two adjoining office (AFR 01/02/2018) buildings in East Perth from the Buckeridge Family for $43.5 million. The property contains a 4-level building adjacent to a 9- level A-grade building 800 Collins Street, Docklands, VIC 3008 providing a total 10,219 Canadian Insurer Manulife has bought a fully-occupies A-grade office m2 of office space over building for $295.2 million from investment platforms of Lendlease the complex. The site and Savilles, who collectively owned the property. The property’s also includes a multi- primary tenant is Myers, who use the building as their national storey car park. The site support office and have signage rights over the building. Latitude has a WALE of 6+ years, Financial Services have recently signed a 10-year lease. The building, supported by completed in 2010, comprises 28,619 m2 of office space and 873.4 Government and m2 of ground floor retail space. There are two floors of car parking corporate tenants who and the building has a 5-Star NABERS Energy rating. This sale reflects occupy 68% of the floor a rate of $10,009 psm lettable area, whilst the deal is believed to area. The asset currently generates almost $3 million in annual rent have been struck at an approximate yield of 5.15%. Docklands is reflecting a passing yield of approximately 7%. The sale gives a located 2 km west of Melbourne’s CBD. rate of $4,257 psm lettable area. East Perth is located 1.5 km east (AFR 01/02/2018) of Perth’s CBD. (AFR 12/02/2018) Phone: +61 2 9292 7400 Fax: +61 2 9292 7404 Address: Level 14, 347 Kent Street Sydney NSW 2000 Email: [email protected] 2 Follow us: Visit www.prp.com.au 2 © Copyright Preston Rowe Paterson Australasia Pty Limited 77 Southbank Boulevard, Southbank, VIC 3006 60 Brougham Street, Geelong, VIC 3220 The Victorian Government has purchased the 6-level Carlton & Centuria Geelong Office Fund United Breweries headquarters building from CUB for $95.5 has purchased the Transport million. The sale is likely to be the first of an array of Government Accident Commission purchases of a similar nature as part of a regeneration plan for the building for $115.25 million Southbank area which will eventually see some sites returned to from Impact Investment public use. Since the sale, previous owner and occupier CUB has Group. It will be held in a abandoned the 3-year lease of the premises and moved to 2 single asset, unlisted fund, Southbank Boulevard (see ‘Commercial Leases’ pg 8). The building launching in February 2018. comprises 6,100 m2 of office space, giving this sale a rate of The 7-storey, A-grade office building measures 16,098 m2 in floor $15,656 psm lettable area. Southbank is located 1 km south of area, has a WALE of 10.3 years and is fully occupied, with 94% of Melbourne’s CBD. income coming from a government tenant. The sale reflects a rate of (AU 01.02.18) $7,159 psm lettable area. Geelong is located 78.3 km south-west of Melbourne’s CBD. 16 Spring Street, Sydney, NSW 2000 (AFR 12/01/18) Lendlease’s investment platform Australian Prime Property Fund Commercial has purchased the 12-level office building for over $50 88 Cumberland Street, The Rocks, NSW 2000 million from a private Asian vendor. The site adjoins multiple Private investor Mark Henderson has acquired a commercial building Lendlease-owned properties and could form part of a new supersite for $56 million on a sub-5% yield. The building comprises 4-levels of in the CBD. The land area is 460 m2 whilst the office area spans 3,176 office space and a car-park. Four residential strata units reside on the m2. This sale represents a rate of $15,743 psm lettable area. top floor of the building, however these are under a separate plan and (AU 25.01.18) are not included in this sale. Additionally, any future development of the site would rely on the owners of those units. The asset has a floor 353-383 Burwood Highway, Forest Hill, VIC 3131 area of 4,675 m2, two floors of which are anchored by Destination Hewlett Packard (HP) has sold their Melbourne campus for $88 NSW, a government body. This sale reflects a rate of $11,978 psm million to a private local investment group with Chinese links. The lettable area. The Rocks is under 1 km north of Sydney. property is zoned Commercial 1, which would allow for a medium- (AFR 21/02/18) high density residential development alongside the existing commercial premises. The site sold on a yield of 3.6%. The property 299 Elizabeth Street, Sydney, NSW 2000 has a modern 9,523 m2 office building on site with basement The Mah Family has emerged as the purchaser of the 11-level office parking for some 187 vehicles and on-grade parking for some tower opposite Hyde Park, paying $90.8 million. This adds to their further 244 vehicles. The sale reflects a rate of $9,240 psm lettable 2017 purchase of the adjoining 287 Elizabeth Street in what could area and $1,549 psm site area. Forest Hill is located 20 km east of lead to a future amalgamated development. The buildings spans Melbourne’s CBD. 5,974 m2 of floor space including ground floor retail. The sale gives a (AFR 17/01/18) rate of $15,199 psm lettable area. (AU 22/02/18) 430-438 Chapel Street, South Yarra, VIC 3141 Franze Developments and Sampeiri Group have acquired the ‘Huts Site’ in an off-market trade for $11 million. Purchasers have submitted plans for a 7-level mixed office/retail/apartment development for the 800m2 site. The sale reflects a rate of $13,750 psm site area. South Yarra is located 4.7 km south-east of Melbourne’s CBD.