In a dynamic display of the Australian property market’s diversity, a myriad of properties have recently been sold, listed, or leased. This flurry of activity spans the entire country, with properties ranging from a Perth-based car yard to a unique amalgamated industrial site on the outskirts of Sydney. Melbourne’s real estate scene has not been left out, with several notable listings, including the iconic St Kilda establishment, The Prince of Wales Hotel.
A private investment company has acquired a leased car yard at 380-384 Scarborough Beach Road in Osborne Park off the market. The property, which covers an area of 12,182 square metres, was sold for $14.5 million. Colliers’ Director of Industrial, Sam Hammond, hailed the sale as a significant milestone in a tightly contested market like Osborne Park. “This deal is a market game-changer, with few transactions of this magnitude in recent years,” Hammond said. He added that the property’s sale was particularly noteworthy to investors since it had not changed hands in over three decades.
In a thrilling auction that saw seven bidders engage in over 150 rounds of bidding, a property was sold for $11.85 million, 43% over the reserve price. The property, a corner freehold building boasting triple street frontages spanning 48 metres, drew more than 200 attendees. Its land area of 288 square meters and building area of 1,187 square meters, zoned under the coveted Capital City 1 Zoning (CCZ1), offers potential development opportunities.
A startup has vacated its WeWork space and relocated to a new Melbourne headquarter on part of level 9 at 276 Flinders Street. The brand new spec suite has been leased for five years at $650 per sqm net, in a 197 sqm deal negotiated by JLL Associate Sam Friend and Hannah O’Brien.
In Alexandria, four adjoining sites have been listed for sale. The combined landholding covers an area of 3,307 square metres and is located at 20-26 Bourke Road, just 180 metres from Green Square Train station. “We have been amalgamating this site over the past four years,” stated Addenbrooke’s managing director, Ned O’Neil. He added that they were looking to divest as they continued to add value to their existing pipeline of office, residential, and marina assets in Sydney. The Colliers team of Michael Crombie and Trent Gallagher have the exclusive listing on behalf of Addenbrooke, with price expectations north of $30 million.
The Prince of Wales Hotel in St Kilda has been listed for sale by Melbourne-based hospitality business, Jackalope Group. Following a recent multi-million dollar refurbishment, the 1920s corner hotel has become one of Melbourne’s most attractive hotels. The freehold investment is being sold subject to an existing long lease with the Melbourne Pub Group owned by the Ryan Family. The property is located on the corner of Acland and Fitzroy Streets and features a street bar, dining room, 39 boutique hotel rooms, a bakery with an adjoining retail outlet, a Euro-inspired wine store and a function space with an indoor pool as well as a multi-level car park.
Whether you’re a Northern Beaches Buyers Agent or a Sydney Buyers Agent looking for diverse investment opportunities or someone seeking to get help buying in Sydney, this wide range of properties offers something for everyone.