Charter Hall has expanded its relationship with Wesfarmers and Bunnings Group, scooping up another Bunning’s portfolio with partners VFMC, Telstra Super and CHC, in an off-market deal.
The wholesale partnership, LWHP, purchased the portfolio of six Bunnings warehouses for $353 million, taking Charter Hall’s Bunning’s asset count to 59 stores across its platform.
The listed fund manager said the latest portfolio acquisition is located in prime metropolitan markets, with 85 percent of the portfolio spanning Sydney, Melbourne, and Brisbane.
In an announcement to the ASX, Charter Hall chief executive David Harrison said the buy increases its Bunnings store count to 59.
“This transaction represents our seventh Bunnings portfolio acquired since 2006 when we first recognized the strength of the Bunnings business, the relatively low rents per square meter of lettable area, and the large prime sites Bunnings typically occupy.”
The off-market deal was introduced by JLL’s Sam Hatcher, with the portfolio acquired on a 4.63 percent yield.
Earlier this year, Charter Hall purchased the Bunnings warehouse in Melbourne’s Clyde North for $42.3 million on a 4.5 percent yield.
The new 16,000sq m outlet in Melbourne’s south-east sold with a 12-year net leaseback to Bunnings.
The fund manager this month also announced its partnership with Dutch pension fund giant PGGM following a string of deals in the booming logistics sector, to date worth $300 million.
The run includes the partnership’s first purchase at Kingsgrove in Sydney, and the pair’s most recent buy, a Melbourne industrial site for $87 million through a sale-and-leaseback deal—with the partnership eyeing an $800 million logistics portfolio.
The post “Charter Hall Partnership Buys $353m Bunnings Portfolio” by Dinah Lewis Boucher appeared first on the theurbandeveloper.com Blog
$130 million Wynnum CBD apartment development proposed
The Brisbane-based property developer, HamBros, led by local developer Justin Ham, has lodged plans for a 27-level mixed-use development in the heart of Wynnum.
Ora, which will spread across a 7,278 sqm site at 74 Charlotte Street and 89 Bay Terrace, will be built behind the existing Wynnum Shopping Centre.
Ora, meaning ‘edge’ in Latin, has been designed by Ivory Collective and will comprise 275 apartments, with the amalgamation also planned to be home to retail space, as well as two-levels of commercial space.
“Ora is a development that intertwines the beautiful bayside environment of Wynnum with the ease and luxury of unit living,” architecture firm Ivory Collective noted in their design statement in the development application.
There will be 275 apartments in the development, made up of 54 one-bedroom, 148 two-bedroom and 67 three-bedroom apartments, along with six three-bed plus multi-purpose-room penthouses.
Ora’s floor plate is designed to orientate and capture as much of the East as possible, allowing for maximum exposure to the easterly breezes and bay views.
A full recreation level is planned for level five, with a 528 sqm restaurant and bar, set around an expansive pool terrace as well as a wet deck, space, sauna and steam rooms, private cabanas, a cinema, barbecues, meeting rooms, wine rooms and function spaces.
“The recreational level on Level 5 creates a space for both the public and residents alike to enjoy the beautiful bay views and surroundings,” the statement added.
Drawing inspiration from the Wynnum foreshore in both its material and palette and building form, Ora is made up of clean off-white concrete and bronzed feature cladding and batten, reflecting the warmth and clarity of the Wynnum/Manly beach front, Ivory Collective noted.
Barwon secures Princess Alexandra Hospital car park
Barwon Investment Partners has snapped up a multi-level car park and medical centre on a site with significant development upside opposite Princess Alexandra Hospital.
The Woolloongabba asset at 250 Ipswich Road is setting the healthcare focused fund manager back around $95 million, reflecting a circa four per cent net passing yield.
The property contains an eight level, 773-bay garage attached to a two floor wellness centre with 21 tenancies, anchored to Gabba Dermatology, Brisbane Cardiology and Allied Health; the Weighted Average Lease Expiry is nearly seven years.
A pedestrian overpass connects the building to the Princess Alexandra Hospital, also a major teaching campus, employing 6810.
The 5106 sqm block has significant upside – up to 15 storeys based on its zoning, according to JLL’s Seb Turnbull, Elliott O’Shea and Simon Quinn, who marketed the asset with a Blight Rayner scheme.
BIP invests again
Established in 2006, BIP holds a property portfolio worth $2.3 billion.
Its medical related product, much held in a Healthcare Property fund, is priced at about $1.4b as at March, 2022.
Seven months ago, for the trust, the manager paid Forza Capital $34.7m for a South Brisbane medical centre – not far from 250 Ipswich Rd – and two Canberra assets including Belconnen’s Ginninderra Medical & Dental Centre on nearly a hectare.
Also late last year BIP spent $75m for a 12 level St Kilda Rd office majority leased to Alfred Health.
More to come.
Article source: www.realestatesource.com.au
Brisbane’s Office Market Greenlit for Business
Brisbane’s office market continues to shake off the pandemic doldrums with two new commercial towers approved in the CBD and fringe suburbs.
Property owner PGIM and development partner Indema’s plan for a bold adaptive reuse of a 1970s commercial building at 444 Queen Street has won approval.
The bronze 22-storey tower opposite Customs House will be stripped back to its core structure and completely remodelled with a new podium, curtain wall facade and an additional two-storey sculptural canopy.
Indema director Michael Bruderlin said they would be targeting a net zero certification for the building upon completion in the first quarter of 2024.
Article source: www.theurbandeveloper.com
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