Latest news with #BurgessRawson
Sydney Morning Herald
10-07-2025
- Business
- Sydney Morning Herald
Strike! Melbourne's tenpin bowling future secured in $10m deal
It's a big price for the Salvation Army headquarters. The charity manages a huge portfolio of properties providing accommodation for some of the country's neediest people. The Salvation Army Housing's most recent annual report shows its total assets reached $153.7 million in 2023-24, up 7.2 per cent from the previous year. It owns or part-owns just 23 per cent of the 1850 properties it manages. The Salvos moved into the new 7878 sq m building at 99 Railway Road in 2008 after selling its Surrey Hills HQ for around $12 million. While fully leased by the charity, it has sub-let space over the years and the building is being sold with a 9.8 year average lease term. The all-electric 5.5 Star NABERS-rated building has four upper levels of office and a three-level basement car park for 204 vehicles. It's close to Blackburn railway station. JLL's Tim Carr, Josh Rutman, Piper Dedrick and MingXuan Li have the listing. Maha on Chapel Restaurateur Shane Delia is selling the Chapel Street premises where he operates Maha East at the Windsor end of the strip. The property at 36 Chapel Street has a fresh eight-year lease to Maha East with an eight-year option. Upstairs is leased to a newly established media organisation, the International Film Festival Awards, set up in 2021 by Jatinder Kumar. Records show Delia paid $2.2 million in 2016. The property returns a total $138,655 a year and is expected to fetch around $2.65 million. It's going to auction on August 6 as part of next month's Burgess Rawson portfolio auction. Agents Shaun Venables, David Napoleone and Hamish Bowen are handling enquiries. The 50-year old Burgess Rawson agency was recently acquired by global giant CBRE. Man cave The 'man cave' belonging to former Melbourne Cricket Club president David Jones fetched $2.2 million last week with a local buyer beating four others bidding for the Cremorne warehouse. Jones stored his Ferrari and other car memorabilia at the 290 sq m property at 116 Green Street. Bids opened at $1.6 million, with serial auction bidder Danny Wallis - a big buyer on The Block television program - leaning on his own red Ferrari. The property was on the market at $1.8 million and sold 22 per cent above the reserve. Colliers' Ben Baines and Matt Knox and Teska Carson's Michael Taylor and Matthew Field ran the campaign. Taylor said all the bidders planned to use it for the same purpose as Jones. Mini logistics A Sydney buyer has swooped on the mini-Coles logistics centre in Malvern, paying $7.5 million after it passed in at auction at $7 million. The price for 1 Edsall Street, at the rear of the Glenferrie Road Coles supermarket, reflected a sharp yield of 3.8 per cent. The 777 sq m property provides logistics, cold storage and administrative support for the supermarket. Coles' lease runs until 2031 and has two further 10-year options. Records show the vendors had held the property since at least 1987 – paying $1.3 million for the site decades before Coles set up shop on the strip. CBRE's Jamie Hess, Sam Guest, David Minty and James Douglas negotiated the deal under instructions from Mark Ruttner at First Valuation Group. Flat out A block of flats in Brighton, with a permit for 10 townhouses, sold to a local developer for $8 million. The flats at 467 New Street are on a large 1629 sq m site near Elsternwick Park and a short stroll from Elwood Beach. The sale represents a substantial premium on the last sale. It last changed hands in 2023, when a joint venture between experienced property players, Michael Robinson, Nick Brown and Georgina Goldsworthy paid $5.52 million. It's been a while since the market has seen such a premium added to the value after obtaining a permit. JLL's Jesse Radisich, Maddie Pizzey and Xander Yeo, did the deal. Nearby at 79 Ormond Road in the Elwood Village, another block of flats and shops fetched $5.38 million. Records show Nick Williams, who heads up Hudson Conway – a construction behemoth in its heyday building Crown Casino – has put a caveat over the property. The vendors paid $840,000 for the 16-unit block 40 years ago. It's on an 870 sq m block of land on the corner of Beach Avenue, opposite the popular Blue Tongue wine bar. CBRE agents Nathan Mufale, Alex Brierly, David Minty, Scott Hawthorne and Jing Jun Heng ran the campaign. Williams was represented by Advise Transact. Childcare sale Property giant Charter Hall has offloaded another childcare centre in a bumper $12.5 million off-market deal. The sale of the Highett Centre, leased to Only About Children, reflected a tight yield of 5 per cent. The buyer is understood to be a local Victorian family who is ploughing their cash into the sector. The centre has a long 20-year lease and returns $630,456 a year. It is in the heart of the Highett shopping village at 491 Highett Road, behind the railway station, in a converted office building. CBRE's Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat did the deal which is nipping at the heels of some of the bigger transactions they recently managed. Last year, a centre in Cremorne, Sydney, fetched $18.5 million on a 4.69 per cent yield and an East Brighton creche sold for $16.5 million on a 4.9 per cent yield.
The Age
10-07-2025
- Business
- The Age
Strike! Melbourne's tenpin bowling future secured in $10m deal
It's a big price for the Salvation Army headquarters. The charity manages a huge portfolio of properties providing accommodation for some of the country's neediest people. The Salvation Army Housing's most recent annual report shows its total assets reached $153.7 million in 2023-24, up 7.2 per cent from the previous year. It owns or part-owns just 23 per cent of the 1850 properties it manages. The Salvos moved into the new 7878 sq m building at 99 Railway Road in 2008 after selling its Surrey Hills HQ for around $12 million. While fully leased by the charity, it has sub-let space over the years and the building is being sold with a 9.8 year average lease term. The all-electric 5.5 Star NABERS-rated building has four upper levels of office and a three-level basement car park for 204 vehicles. It's close to Blackburn railway station. JLL's Tim Carr, Josh Rutman, Piper Dedrick and MingXuan Li have the listing. Maha on Chapel Restaurateur Shane Delia is selling the Chapel Street premises where he operates Maha East at the Windsor end of the strip. The property at 36 Chapel Street has a fresh eight-year lease to Maha East with an eight-year option. Upstairs is leased to a newly established media organisation, the International Film Festival Awards, set up in 2021 by Jatinder Kumar. Records show Delia paid $2.2 million in 2016. The property returns a total $138,655 a year and is expected to fetch around $2.65 million. It's going to auction on August 6 as part of next month's Burgess Rawson portfolio auction. Agents Shaun Venables, David Napoleone and Hamish Bowen are handling enquiries. The 50-year old Burgess Rawson agency was recently acquired by global giant CBRE. Man cave The 'man cave' belonging to former Melbourne Cricket Club president David Jones fetched $2.2 million last week with a local buyer beating four others bidding for the Cremorne warehouse. Jones stored his Ferrari and other car memorabilia at the 290 sq m property at 116 Green Street. Bids opened at $1.6 million, with serial auction bidder Danny Wallis - a big buyer on The Block television program - leaning on his own red Ferrari. The property was on the market at $1.8 million and sold 22 per cent above the reserve. Colliers' Ben Baines and Matt Knox and Teska Carson's Michael Taylor and Matthew Field ran the campaign. Taylor said all the bidders planned to use it for the same purpose as Jones. Mini logistics A Sydney buyer has swooped on the mini-Coles logistics centre in Malvern, paying $7.5 million after it passed in at auction at $7 million. The price for 1 Edsall Street, at the rear of the Glenferrie Road Coles supermarket, reflected a sharp yield of 3.8 per cent. The 777 sq m property provides logistics, cold storage and administrative support for the supermarket. Coles' lease runs until 2031 and has two further 10-year options. Records show the vendors had held the property since at least 1987 – paying $1.3 million for the site decades before Coles set up shop on the strip. CBRE's Jamie Hess, Sam Guest, David Minty and James Douglas negotiated the deal under instructions from Mark Ruttner at First Valuation Group. Flat out A block of flats in Brighton, with a permit for 10 townhouses, sold to a local developer for $8 million. The flats at 467 New Street are on a large 1629 sq m site near Elsternwick Park and a short stroll from Elwood Beach. The sale represents a substantial premium on the last sale. It last changed hands in 2023, when a joint venture between experienced property players, Michael Robinson, Nick Brown and Georgina Goldsworthy paid $5.52 million. It's been a while since the market has seen such a premium added to the value after obtaining a permit. JLL's Jesse Radisich, Maddie Pizzey and Xander Yeo, did the deal. Nearby at 79 Ormond Road in the Elwood Village, another block of flats and shops fetched $5.38 million. Records show Nick Williams, who heads up Hudson Conway – a construction behemoth in its heyday building Crown Casino – has put a caveat over the property. The vendors paid $840,000 for the 16-unit block 40 years ago. It's on an 870 sq m block of land on the corner of Beach Avenue, opposite the popular Blue Tongue wine bar. CBRE agents Nathan Mufale, Alex Brierly, David Minty, Scott Hawthorne and Jing Jun Heng ran the campaign. Williams was represented by Advise Transact. Childcare sale Property giant Charter Hall has offloaded another childcare centre in a bumper $12.5 million off-market deal. The sale of the Highett Centre, leased to Only About Children, reflected a tight yield of 5 per cent. The buyer is understood to be a local Victorian family who is ploughing their cash into the sector. The centre has a long 20-year lease and returns $630,456 a year. It is in the heart of the Highett shopping village at 491 Highett Road, behind the railway station, in a converted office building. CBRE's Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat did the deal which is nipping at the heels of some of the bigger transactions they recently managed. Last year, a centre in Cremorne, Sydney, fetched $18.5 million on a 4.69 per cent yield and an East Brighton creche sold for $16.5 million on a 4.9 per cent yield.
News.com.au
29-04-2025
- Business
- News.com.au
Aldi anchored shopping centre snares big sale price
A popular Geelong northern suburbs neighbourhood shopping centre anchored by German supermarket Aldi has set the highest yield for its retail asset class this year as more buyers look to invest in the sector. Bell Park Plaza has sold for $20.58m after a competitive expressions of interest campaign that drew almost 200 inquiries and seven formal offers. The sale was handled by Burgess Rawson's Raoul Holderhead, Shaun Venables and Zomart He, together with JLL's Stuart Taylor, Tom Noonan and MingXuan Li. The sale price reflects a strong initial passing yield of 5.65 per cent, representing a .29 per cent premium to the 2024 average yield for Victorian neighbourhood centres generally, and a .47 per cent premium to the 10-year yield average for regional neighbourhood centres, JLL Research shows. The 4242sq m fully leased shopping centre is anchored by Aldi, Cheap as Chips and supported by a mix of retailers including a pharmacy, medical centre and Cellarbrations Liquor. Mr Holderhead said that sale reinforces the demand for well-positioned, essential-service assets. 'With strong leases, low specialty rents and limited management overheads, Bell Park Plaza ticked all the boxes for long-term investors,' Mr Holderhead said. 'The strong result reflected Geelong's ongoing growth and the enduring appeal of well-leased, daily-needs retail. 'Geelong is one of Victoria's fastest-growing regions, supported by major infrastructure investment and a strengthening local economy. Centres like Bell Park Plaza offer long-term capital appreciation and reliable income streams,' he said. Mr Taylor said Bell Park Plaza marks the third Victorian neighbourhood centre to sell in 2025 as more investors look for lower-risk returns of commercial real estate. 'The successful purchaser was a first-time shopping centre buyer,' Mr Taylor said. 'Investors are looking to the Victorian neighbourhood shopping centre sector as a defensive asset class, offering attractive risk adjusted returns.' Mr He said investors were actively pursuing neighbourhood centres with strong tenant covenants and low maintenance requirements. 'The level of inquiry we received on Bell Park Plaza shows how competitive this part of the market remains.'
