A WRAP up of rural and commercial property investment sales, as well as leasing transactions across Australia.
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Retail
Paddington, NSW
A retail and commercial building in Paddington’s iconic Five Ways has sold for $3.75 million, at a building rate $31,780 per sqm, in an off-market deal.
The sale price of 227 Glenmore Road also represented a tight yield of $3.33%. It was purchased by a local investor from the Ockenden family, which had owned the property for around eight years, according to Knight Frank agents James Masselos, Demi Carigliano and Anthony Pirrottina.
Sonder Café fully occupied the two-level 153 sqm building, with a café on the ground floor and function room above.
“Assets of this calibre, underpinned by a prime eastern suburb locale and a historically very tightly held precinct rarely trade as they are so sought after,” Masselos said.
“Despite the broader macroeconomic market, we are still experiencing strong demand from buyers for prime freehold opportunities in the eastern suburbs and city fringe markets, like 227 Glenmore Road.”
It is the second property Knight Frank has sold in about 15 months in the tightly held precinct in about 15 months, with the other being 225 Glenmore Road next door.
Rural & Agribusiness
Rolleston, QLD
Central Queensland breeding, finishing and backgrounding property The Rimrock has sold for more than $22 million, shortly after being passed in at auction, to an expanding local producer.
The sale of the 10,010-hectare property through Grant Veivers and Ben Forrest from the Resolute Property Group ends more than 70 years of ownership by the Clark family.
Located 40 kilometres south east of Rolleston, and 280 kilometres west of Rockhampton, The Rimrock has productive flats, native and buffel country, forest areas and soft clay, chocolate brigalow, belah and bottle tree scrub soils.
It is running 2,000 head of mixed cattle and there is 40 hectares of cultivation. There are 16 main grazing paddocks and the it is watered by 16 dams, four of which are fenced off and have with solar pumps to supply the nearby paddocks via troughs and tanks.
Improvements also include a lowset four-bedroom, two-bathroom homestead, fully furnished workers’ quarters, machinery shed, hay shed, horse yards and two arenas.
Industrial
Oakleigh South, VIC
A local owner occupier has snapped up a main road industrial site in Melbourne’s south east.
The new owner will redevelop the 1,466 sqm site, which has industrial 1 zoning, into their new head office.
Crabtrees Real Estate’s Chris McKenzie and Joe Monea sold 1370-1372 North Road for an undisclosed price.
Monea said buyers were attracted to its strategic location and exposure to high-volume traffic.
