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LANDSBURYS Market Update – Published 11 February, 2015

Landsburys property update

New South Wales

Hunter Valley Resort Sold (The Australian Pg.21)

  • Sunshine Insurance Group has acquired the 100-suite Chateau Elan Hotel and The Vintage Golf Club in the Hunter Valley, for approximately $40 million.
  • Sunshine Insurance Group has lodged proposals to develop a $100 million six-star resort comprising 300 rooms and a second championship golf course.

Warwick Farm Industrial Development Site Sold (The Australian Pg.26)

  • Stockland has acquired an 11.5ha industrial development site at Warwick Farm for $17.2 million ($149/m²).
  • Stockland has announced plans to develop the site into a warehouse industrial estate.

Botany Industrial Facility Sold (The Australian Pg.26)

  • Stockland has acquired a 1.5ha industrial facility in Botany for $20.3 million ($2,125/m² of building area), reflecting a yield of 7.6%.
  • The facility comprises 7,900m² of warehouse space and 1,650m² of office space.

Tempe Bulky Goods Centre Sold (AFR Pg.38)

  • Bunnings has acquired a 2ha site comprising a 13,000m² bulky goods centre at 750 Princes Highway, Tempe for $22 million ($1,100/m²).
  • Bunnings has proposed to develop a multi-level store on the site.

 

Victoria

Laverton North Industrial Facility Sold (The Australian Pg.26)

  • Stockland has acquired a 9.8ha industrial facility at 72-76 Cherry Lane, Laverton North in a sale and leaseback arrangement for $29 million ($442/m² of building area).
  • The facility comprises 2.5ha of warehouse space and 4.5ha of hardstand.

Melbourne Apartment Data Update (AFR Pg.37)

  • Industry research indicates the average internal floor areas of one and two bedroom apartments in Melbourne being sold off the plan has reduced from 47m² to 44m² and 62m² to 59m² respectively.

West Melbourne Residential Development Site Sold (AFR Pg.37)

  • A private developer has acquired a 2,250m² residential development site at 420 Spencer Street, West Melbourne for $29 million ($12,888/m²).
  • The site has DA approval for a 38-level residential tower comprising 438 apartments.

 

National

National Distressed Property Sales Data (AFR Pg.38)

  • Industry research indicates 12% of all nationally advertised properties listed for sale in Q4, 2014 were by a mortgagee, receiver or liquidator.
  • The industrial sector accounted for a third of all distressed listings in 2014.
  • Industry research indicates distressed listings accounted for 60% of all listings in Queensland, in comparison to NSW (17%) and Victoria (15%) in 2014.
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