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Southport’s The Brickworks sold for $137 million to Wholesale Australian Property Fund

gold coast commercial

AN AMP Capital-run fund which has made the Gold Coast’s biggest retail buy of 2017, the $137.54 million purchase of Southport’s The Brickworks center, is not about to embark on a redevelopment spree.

Christopher Davitt, who is overseeing what is the home of the Ferry Rd Market for the new owner the unlisted Wholesale Australian Property Fund, yesterday said that growth at the property would be ‘organically based’.

He said that growth would center around The Brickworks’ features of progressive shopping, dining and lifestyle offerings and its strong and growing catchment area.

“There are no plans to fundamentally the center.”

Mr. Davitt said an attraction point with The Brickworks was the number, mix, and quality of tenants.

Major traders at the Brickworks include Freedom Furniture, US-owned off-price retail chain TK Maxx, and Chemist Warehouse.

The 15,183 sqm single-level retail area includes around 50 other retail, dining, and food-related outlets.

It nets nearly $7 million a year when fully let and the Wholesale Australian Property Fund has bought it, off-market, on a yield of 5.09 percent.

The deal is a big win for Brisbane-based sellers Calile Malouf Investments and company Ralph Lauren, which is owned by Patrick George and John James and is not associated with the fashion brand of the same name.

They bought The Brickworks, which is on 2.72ha site, for $24.26 million in 2004 and two years later initiated an $8 million makeover that included delivering the Ferry Rd Market.

At the same time, the partners bought three adjoining properties for nearly $4 million, expanding their holding to 3.5ha with a mixed-use zoning.

John Muchall, valuation director for JLL, yesterday said that the Wholesale Australian Property Fund had bought into an area, Southport, with a net annual population growth of 2.4 percent, well above the national average.

“The fund’s looking at strong l rental growth, with most tenants having annual increases of between 4 and 5 percent.”

The Brickworks was initiated by veteran New Zealand property investor James Kirkpatrick in the mid- 1980s.

An annex that includes a series of strata-title showrooms was added on the western side of the adjoining Warehouse Rd in the 1990s.

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The seaside community getting a new supermarket after signing of 10-year lease

The seaside community getting a new supermarket after signing of 10-year lease

A popular seaside location is finally about to get a new supermarket.

An IGA supermarket is set to open at Noosa Council’s Sunrise Beach shopping complex, within a year, following the signing of a 10-year lease for the anchor tenancy.

The project has been revived after being put on hold earlier this year due to challenging times.

In welcoming the IGA’s signing of the lease, Mayor Clare Stewart said that having an IGA in the Council-owned complex would be a great win for the local community and neighbouring businesses.

“We’re thrilled the IGA has decided sign a lease for the site,” the Mayor said.

“Having an IGA at the Sunrise Beach Shops will provide local residents with another convenient grocery shopping option close to home,” she said.

“Having such a strong anchor tenant will also boost foot traffic to the complex to help drive extra trade for the other quality local businesses also based at the complex.”

The 10-year lease includes options to extend for further periods.

CEO Scott Waters said Council would carry out some work to the property to enable it to accommodate a supermarket, ahead of the IGA’s interior fit-out of the space.

“Council and the IGA will be working as quickly as possible to complete the work in the face of building industry supply chain challenges, so that the supermarket can open as soon as possible,” he said.

Mr Waters said the new lease was good news for ratepayers, as it meant a guaranteed income from the Council-owned commercial asset for at least the next decade.

“Attracting a quality, long-term tenant is the best outcome we can hope for with a commercial property such as this, to help support Council’s strong financial position, which ultimately benefits all of our ratepayers,” he said.

“We look forward to working with the new IGA.”



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Double Bay mansion hits market with jaw-dropping $28 million price guide

Double Bay mansion hits market

A sprawling mansion in Double Bay has hit the market with an eye-watering $28 million price guide.

Representing one of the largest private landholdings in the uber-affluent locale, 11 Pinehill Avenue is being offered for sale for the first time in over 50 years.

The staggering abode is spread over a scarcely believable 2300-square-metre parcel of blue-chip land, tucked away at the end of a quiet, leafy cul de sac.

The main residence is a breathtaking two-story Federation home with great bones and a resoundingly charming aesthetic.

Boasting a total of six bedrooms and four bathrooms, the abode’s interior has, however, been refurbished and redesigned to present as a much more contemporary and functional proposition.

Features include an expansive formal lounge area, formal dining room, a bar, wine cellar, study, library, professional kitchen, and a master suite with his and hers walk-in robes.

Outside, manicured grounds and established flora are complemented by an expansive pool, spa and lounge area, as well as a lock-up two-car garage.

The eye-watering asking price may sound patently absurd to some. However, considering Double Bay’s median house price currently sits at a not unsubstantial $6.5 million, just the sheer size of the block is probably enough to warrant an asking price nearly four times as much as the median.

And, according to Domain’s data, the platinum postcode’s property witnessed skyrocketing values over the course of 2021, up 52.4 per cent compared to 2020.

So, there’s every chance that, if things in Australia’s hottest property market keep going the way they have been, 11 Pinehill Avenue may well be worth a lot more in just a few short years, crazy as that may sound.



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Hutchinson Builders takes over Cbus Brisbane tower that broke Probuild

Hutchinson Builders takes over Cbus Brisbane tower

Hutchinson Builders will take over the completion of Cbus Property’s troubled residential development in Brisbane, one of most problematic projects for failed construction contractor Probuild.

The awarding of the contract was widely expected, as family-owned Hutchies, the largest Queensland-based builder, was seen as the only contractor capable of taking on the 47-level project.

“Since commencing preliminary works on site three weeks ago, Cbus Property, together with Hutchinson Builders, continues to finalise subcontractor negotiations and prepare a revised construction programme,” Cbus Property chief executive Adrian Pozzo said on Monday.

“Once finalised, we will provide an update to purchasers with a more definitive completion timeline.”

Chairman Scott Hutchinson told The Australian Financial Review in early March he was “quietly hoping” to pick up the job and the announcement makes it second time lucky for the company that came second to Probuild in the 2017 race for the project.

Probuild had tendered a price for the project that was $40 million less than Hutchies’ price and a year faster to build, Mr Hutchinson said. Probuild has not confirmed those numbers, nor has Cbus Property.

But the project turned into such a drag for the business that Probuild parent WBHO said last year – long before putting the company into administration in February this year – that the project had racked up a $48 million loss.

Sydney-based Roberts Co has acquired Probuild’s Victorian projects and Built has taken over Dexus’ 25 Martin Place project in Sydney. The future of Greaton’s Ribbon project at Sydney’s Darling Harbour is still not clear.

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