Ousia Investments will overthrow the estate’s multi-level parking lot
The move, delayed by COVID-19 last year, will combine Dan Murphy’s bottle shops and ALH’s pokie and pub businesses into one alcoholic monster.
The seventh to hit the market this year is The Tudor Inn at 1281 Nepean Highway, Cheltenham, which is expected to gross over $ 12 million. It currently sits at $ 11.3 million on ALE’s books.
The Tudor Inn, which only shows a nod to its old fashioned aesthetic, is sold on a lease to the ALH Group until 2028, with four ten-year options, priced at $ 592,855 per year.
CBRE agents Nathan Mufale, David Minty, Scott Hawthorne and JJ Heng are leading the campaign.
The pub is located on a large plot of 4789m², which will attract buyers keen to use the space in the flexible area of the activity center.
Earlier this month, the Boundary Hotel in East Bentleigh sold for $ 33 million, 30% more than its book value.
Other Chinese-backed vendors pulling out of the market include Dahua, which sold a freehold car wash to East Hawthorn for $ 5.2 million with a tight 3.43% return.
The 991m² property at 678 Burwood Road sits on the prominent corner of Camberwell Road and near a series of residential projects completed by Dahua in the eastern suburbs.
The developer has billion dollar projects in the western suburbs of Sydney and Melbourne in its pipeline.
EcoWash, which pays $ 225,000 for the property, only has two years left on its lease.
Stonebridge agents Kevin Tong, Rorey James and Nic Hage led the sales campaign but declined to comment on the deal.
Further south, Stonebridge agents Julian White, Dylan Kilner and Max Warren have sold an office warehouse at 17 Cato Street for $ 4.2 million in an off-market transaction.
The property, leased to flooring maker Gerflor Australasia with only 18 months left, sold at a return of 4.5%.
The liquidation of Paglia Properties, a pre-COVID-19 event, brought a three-level warehouse to market in historic Guildford Lane in the CBD.
The 419 m² warehouse at 31 Guildford Lane has recently been used as a four bedroom house, with a roof terrace and a four car garage. It is on 129 m² of land.
Colliers agents Matt Stagg, Tom Isaksson, Oliver Hay and Anthony Kirwan are selling the property through international expressions of interest. It is expected to sell for over $ 5 million.
The quaint alley is home to several cafes, including the Cat Cafe and Rustica Canteen, and office conversions.
The property was purchased by Paglia Properties in late 2014 for $ 3.3 million. Documents show it to be the company’s most valuable asset, listed at $ 6.7 million in a liquidator report filed with the Australian Securities and Investments Commission.
According to the documents, Paglia Properties owner Steven Paglia and lender Aura / Magnolia each owe the company $ 5.2 million. The company’s debts are $ 10.6 million and assets are less than $ 8.2 million.
The head office of independent book chain Readings on Drummond Street sold with a sharp 2.7 percent return.
The office at 314-318 Drummond Street, opposite the back entrance to Carlton Square, grossed $ 3.275 million in a highly competitive expression of interest campaign led by Gorman Kelly agents Nick Breheny and Robert Kelly.
Mr Breheny said there were 11 deals, six over $ 3.1 million, with one passive investor beating out other interested parties.
Records show that the seller’s family had owned the property for several decades.
Readings leased the building for 11 years and recently signed a new five-year lease, paying $ 97,274 per year. The 510 m² double-storey building is on a 264 m² plot.
A local developer has taken over a Mormon church in Pakenham with the intention of demolishing it and building a mixed-use shopping center anchored in childcare.
The property at 200-204 Princes Highway was sold with two years to run on its lease to The Church of Jesus Christ of Latter-day Saints.
Stonebridge agent Rorey James, who sold the property along with Kevin Tong and Nic Hage, said seven unconditional offers have been made for the property by a variety of potential buyers with development plans.
The agreement resulted in a high land rate for the area of $ 1232 per m².
Mr. Tong said, “The result reflects a massive land premium over transactions from nearby childcare sites and this, coupled with the profile of the buyers, speaks volumes about the confidence of commercial operators.”
Auto giant Scania has signed a 10-year lease for a new parts distribution center in Campbellfield.
The 9,346 m² warehouse at 40 Decco Drive is part of a larger 35,790 m² property purchased by Centennial Industrial & Logistics late last year for $ 13.2 million.
The lease was negotiated by Daniel Eramo and Joe Brzezek of CBRE, who represented the owner, and his colleague Tony Tripodi who represented Scania.
Centennial plans to develop the rest of the site.
Mr Eramo said the transaction underscored the strength of Melbourne’s industrial rental market.