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Tabcorp Offloads Permit-Approved Brisbane Assets

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brisbane assets
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Gambling entertainment group Tabcorp Holdings has announced the listing of two significant Brisbane assets, with hopes it will realise more than $65 million for the twin sale.

The divestment move comes after a merger with Tatts Group last year that will see Tabcorp consolidate its Brisbane offices into a new location at 180 Ann Street in Brisbane’s CBD.

Tabcorp has subsequently announced it will be selling its Albion and Woolloongabba properties with short term leaseback opportunities until late 2020, allowing the purchaser secure income while planning the redevelopment of the site.

Colliers International’s Tom Barr, Brendan Hogan, and John Marasco have been appointed to broker the deal in what is expected to generate strong interest among developers.

The Albion property, at 240 Sandgate Road in Brisbane’s inner north, comes with planning approval in place for the development for three 15-storey towers and one 20-storey tower on the 11,345sq m site.

Located five kilometres from Brisbane’s CBD, the Albion property is currently occupied by a 7,322sq m office building.

“The Albion property has been defined as a ‘Catalyst Site’ by the Brisbane City Council,” Barr said.

“It has exceptional city and river views from most floors and is set to benefit from the proposed $750 million Albion Train Station Precinct redevelopment recently announced by the Queensland government, which will include a $28.7 million upgrade to the Albion train station.”

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87 Ipswich road, Woolloongabba. Main image: 240 Sandgate road, Albion.

The 5,562sq m property at Woolloongabba is currently vacant.

Development plans for the site, located 2km from the CBD at 87 Ipswich road, could deliver a second building with 4,905sq m of office space.

“It’s set to benefit from several large fully-funded infrastructure projects, given the site’s proximity to proposed new stations and infrastructure, including the Cross River Rail, the Woolloongabba Priority Development Area, Gabba sports stadium upgrade (proposed), and the Brisbane Metro,” Barr said.

Tabcorp hopes to finalise the sale of both properties by the end of the year.

Source: theurbandeveloper.com

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Commercial

Fortitude Valley’s GPO Hotel offered to market

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Fortitude Valle

The GPO Hotel in Queensland’s Fortitude Valley has been offered to the market through an expressions of interest campaign.

Currently operating as a nightclub it is described in the listing as a “long term lease prospect (4 x 10 years).”

Glen Price of HTL Property is marketing the listing.

Situated at 740 Ann Street the expressions of interest campaign closes on June 5.

The property holds a commercial hotel license.

Set on a 956 sqm plot the property has a total floor area of 1,850 sqm.
It is in close proximity to Brunswick Mall, Howard Smith Wharf precinct, Valley Metro redevelopment and 2 km from the Brisbane CBD.
Last sold in 2016 the property traded for $5,250,000.
Source:  www.propertyobserver.com.au
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Sentinel buys Brisbane’s Makerston House from Challenger for $103m

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Sentinel buys Brisbane Makerston House from Challenger for $103m

Sentinel Property Group has bought the Makerston House office tower in the Brisbane city centre for $103 million from ASX-listed Challenger.

The deal – the largest to date for the Brisbane-based syndicator – was struck on a net passing yield of 7.85 per cent. It will be held within Sentinel’s Regional Office Trust, which holds nine assets worth more than $350 million.

Makerston House, situated at 30 Makerston Street at the northern edge of the Brisbane CBD, last sold for $38 million in 2000 when Challenger bought it from listed investment company Ariadne.

The tower, offering almost 15,000 square metres of office space, had a book value of $70.7 million as of June 30 last year.

In January, Challenger secured Queensland Rail as a tenant across 2000 sq m to help shore up some of the vacancy.

Sentinel acquired the tower fully-leased with a weighted average lease expiry of 4.63 years. Other tenants include the Queensland government, as well as various state government corporate entities plus Secure Parking.

The deal follows Brisbane recording the largest drop in office vacancy compared to any other state capital in the six months to February, with a drop to 13 per cent from 14.7 per cent, according to the most recent Property Council Office Market Report.

Sentinel Property managing director Warren Ebert said Makerston House was “superbly positioned” at the epicentre of some of the city’s multibillion dollar infrastructure projects, including the $5.4 billion Cross River Rail network and the $2.1 billion Brisbane Live precinct.

“This is a fantastic acquisition for Sentinel and is our biggest purchase since the group started 10 years ago,” Mr Ebert said.

“The building is opposite the Queensland Police Headquarters and just 50 metres from Roma Street train station, the only existing CBD railway station that will link to the high capacity Cross River Rail.”

Established in 2010, Sentinel has a total national portfolio of more than 40 retail, industrial, office, land, tourism infrastructure and agribusiness assets with a total value in excess of $1.14 billion.

 

 

Source: www.afr.com

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Dexus Eyes $100m Sale for Brisbane Retail Centre

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Dexus Eyes $100m Sale for Brisbane Retail Centre

Dexus Wholesale Property Fund are looking to offload a 100 per cent freehold interest in Beenleigh Marketplace, a sub-regional shopping centre located 32-kilometres from Brisbane’s CBD.

The 19,476 square metre asset, which last transacted in 2013, is anchored by Woolworths and Big W and spans a 60,680sq m site.

The landholding also includes 4,390sq m of adjoining land earmarked for further development.

JLL head of retail investments Simon Rooney has been appointed to market the expressions of interest campaign amid weak sentiment in the retail property sector.

“Investors are pursuing a low-risk retail strategy at present,” he said.

Rooney said investors were targeting small and mid-sized sub-regional centres with a major focus on retail services along with food and beverage offerings.

“F&B has consistently been the fastest growing retail category over the last five, 10 and 20 years, which underpins solid leasing demand.”

Dexus Eyes $100m Sale for Brisbane Retail Centre 1

Recent transactions for sub-regional centres include the Rockdale Plaza sale in Sydney purchased by Charter Hall for $142 million last month, Sydney’s Neeta City purchased by Elanor Investors for $85.3 million in March, and Melbourne’s Campbellfield Plaza bought by Charter Hall for $74 million in December last year.

Transaction activity was highest within the $50-million to $150-million bracket for retail property last year.

Rooney said the Beenleigh retail hub outperforms the industry averages with total centre moving annual turnover (MAT) of $113.7 million.

Beenleigh, located in the city of Logan, has a current population of 83,570 which is expected to increase 2.1 per cent annually to 2031.

The expressions of interest campaign closes on June 6.

 

 

Source: theurbandeveloper.com

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