- Two shopping centres acquired across the state
- Unusual listings include a former church, and a golf course
- Several development opportunities also came to market
The latest New South Wales real estate transactions, acquisitions and properties put on the market covers a robust range of sectors, from substantial parcels of land to neighbourhood retail centres and new mixed-use developments.
Deepwater Plaza acquired for $111 million
Shopping complex Deepwater Plaza, well supported by a variety of national and chain retailers, has been sold for $111 million.
CBRE Head of Retail Capital Markets Simon Rooney negotiated the off-market sale of the property on a core capitalisation rate of 6.50%.
“Investors were attracted by Deepwater Plaza’s robust major tenant and overall sales performance, coupled with the centre’s strong speciality productivity of $10,007 square metres and sustainable occupancy cost of 11.5%,” he said.
“This transaction demonstrates the shift in investor focus and renewed demand for sub-regional centres, specifically for assets with a clear focus on non-discretionary spending and genuine value-add opportunities.”
Registration of interest campaign kicks off for Berry Lane
Comprising 118 prime sites across 11 hectares, Berry Lane is located along Hitchcocks Lane and Huntingdale Park Road, and a registration of interest campaign for it has begun.
Developed by New Horizon Properties, Berry Lane has already garnered strong interest from locals and people living in the broader Illawarra and Sydney regions with over 1,300 registrations of interest already recorded.
General Manager at New Horizon Properties Steve Barlow says, “We saw an opportunity to acquire a project that already had a development application underway in one of the most desirable locations in NSW and secured it.”
“Regional townships in Shoalhaven such as Berry drew strong interest during the pandemic from young families seeking a vibrant community and a life outside of urban Sydney, which has continued post-pandemic.”
Phil Gilbert Toyota Dealership listed
After 35 years, Phil Gilbert Toyota has listed its Parramatta Road, Lidcombe site for sale.
CBRE’s Robert Dowdy together with John Hill & Co’s Sam Hill are managing the sale via an Expression of Interest campaign which closes 8 June.
“Due to the flexible E3 Productivity Support zoning, development potential and location we are expecting local, national and international interest,” Dowdy said.
“This will be fueled by fast-food groups and self-storage developers, who are vying for main road corner sites, and by industrial owner-occupiers and investors who are competing for the limited number of 3,000 square metre plus land offerings in Sydney’s central west.”
Mintus secures Bathurst Chase for $17.5 million
Property investment and development firm Mintus has acquired Bathurst Chase for $17.5 million from Quanta Investment Funds.
CBRE’s James Douglas, Joe Tynan and Michael Hedger, working with Stonebridge‘s Alex James-Elliot, Justin Dowers and Philip Gartland shepherded the sale following an on-market Expression of Interest process.
“In the current changing market, the ability to secure a neighbourhood shopping centre with tangible competitive advantages over its competition, and genuine value add opportunities proved to be highly attractive,” James-Elliot said.
“Bathurst Chase also provides a strong value proposition factoring in high construction costs and the relative capital value of existing assets on a dollar per sqm basis.”
Robert Jones Pty Ltd has sold a parcel of serviced land
Property funds and development firm Robert Jones Pty Ltd has announced the sale of a 17 hectare parcel of serviced land within its Burra Park development site at Badgerys Creek to CDC Data Centres for $150 million.
Robert Jones’ Director Jonathan Pan says, “Robert Jones has taken the opportunity to capitalise on the strong, ongoing market demand for high quality land assets in and around the Aerostropolis and divest a portion of our Burra Park site.”
“We believe CDC’s core business aligns with our plans for Burra Park, as a world-class hi-tech enterprise, logistics and mixed-use employment precinct, in the heart of the Aerostropolis.”
Sutherland Shire asset comes to market
For the first time in nearly 50 years, a prominent site in the Sutherland Shire is being offered.
The 6,586 square metre asset across four titles and three high quality buildings offers an industrial warehouse, showroom, office and major development prospects.
Colliers team Trent Gallagher and Edward McFarland have the exclusive listing, with price expectations exceeding $27 million.
“The subject properties will be well received in the market as they have the ability to operate as warehousing, however, due to the unbeatable location they will appeal to a series of trade related industrial tenants that want to capitalise on the exposure, allowing for greater rental returns,” Gallagher said.
Development opportunity on the market
The proposed site of Harris Farm’s next Sydney supermarket is being offered for sale by the family-owned chain backed by a long-term lease commitment.
Having received development approval for a unique retail concept called The Farm, the site has been listed for sale by Expressions of Interest closing 7 June.
CBRE team members Toby Silk and Nicholas Heaton are heading the campaign. It is expected to generate significant interest, given the DA approval and anchor lease commitment from Harris Farm.
“Once built, The Farm will provide an incredible retail experience to an affluent area that is currently underserviced,” Silk said.
Central Element and MaxCap Group commence construction on luxury residential development
Independent Sydney property developer Central Element and joint venture equity partner MaxCap Group have marked the commencement of construction on their $150 million luxury residential development, Ethos Chatswood.
Demand for the SJB designed collection of ultra-luxury one, two, three and four-bedroom residences has been significant.
Central Element Director Wayne Chivas says, “The months to follow will be an exciting time and we can’t wait to witness Ethos emerge as a stunning addition to the Chatswood skyline.”
Completion of the development is anticipated for early 2025.
Ex-church property for sale in Wollongong
A 400 square metre property, converted from a church into a residential home, is up for sale with price expectations as high as $2.8 million.
It is being taken to the market by Knight Frank agent Nathan Berlyn on behalf of the vendor, a local business owner who originally purchased the property to use for their home business.
Berlyn says the property has wide appeal to owner occupiers, developers and investors, and offers an array of potential residential and commercial uses that can be realised through renovation or development.
“It is a unique property, due to not only its original use and the fact that it has maintained its original church architecture, but due to its many possible uses moving forward,” he said.
Approved development site hits market
JLL together with Highland Project Marketing have been exclusively appointed to sell Waterside at 50-70 Mann Street, Gosford, via an Expression of Interest campaign.
JJL Capital Markets Director Harry Sullivan says, “On an irreplaceable freehold site, this will be one of the most significant and sought after DA approved sites on the Central Coast.
“Waterside is the perfect opportunity to create a landmark destination to complement the gentrification of Gosford, and subsequently benefit from the long term prospects of the precinct.”
This listing is among several key developments underway the city centre of Gosford that will alter the fabric of the CBD.
Notable golf course site on the market
A gargantuan 19.6 hectare landholding that used to be the 9-hole Hawkesbury River Golf Course presents a significant investment opportunity, with a chipping and all-grass driving range, existing clubhouse/pro shop and a maintenance shed.
The Colliers team of Frank Oliveri and Jordan McConnell have the exclusive listing, under instructions from the Mortgagee in Possession.
“Rarely does an opportunity of this nature become available to the market,” Oliveri said
61A Hawkesbury Valley Way, Windsor, is for sale via an expression of interest campaign which closes on 22 June.
