Australian property market wrap: 8 November 2023

From the launch of a boutique residential project in one of Sydney’s oldest neighbourhoods to the first office asset exchanged in Perth this year, today’s wrap spans east to west.


Office building at 10 William Street in the Perth CBD sold for $21 million

An office building at 10 William Street in the Perth CBD has sold for $21 million, becoming the first office asset to be exchanged this year.

It was purchased by one of Australia’s largest educational institutions, Stanley College, following an expression of interest campaign run by Greg McAlpine, Tony Delich and Zach Schreier of Knight Frank.

The six-storey building has 4,248 square metres (sqm) of net lettable area and sits on a 1,560 sqm site with secure open parking at the rear for up to 30 cars.

The property was sold with 75.5% occupancy and a current net income of $1,356,524 per annum.

“We took a long-term view with this acquisition which allows Stanley College to continue delivering training and education to international and local students which will create job-ready graduates with skills which are in high demand in WA, such as nursing, community care and ICT,” said Stanley College president, Alberto Tassone.

McAlpine said there was strong buyer interest during the campaign from both investors and owner-occupiers, but enquiries were particularly strong from the latter.

“The majority of the building has a 9B classroom certification, and this point of difference provided an opportunity for education users, from which interest was solid.”


Colliers secures Good Bean on Melbourne’s St Kilda Road

Melbourne’s St Kilda Road continues to be brought back to its former glory, with Colliers having secured food and beverage operator Good Bean to 11 Queens Road within one week of being appointed.

The well-established F&B operator, Good Bean, already houses venues across Melbourne’s high-foot trafficked kiosk areas, such as Malvern Central, Tooronga Village and South Yarra.

“Good Bean had been looking for an opportunity to secure a break into the location and the office lobby sector, benefitting from a captive audience in the above offices,” said Colliers executive retail leasing, Thomas Macrae.

“The deal was signed within a week from Colliers’ being appointed, as the fully fitted 44sqm space ticked all the boxes for the tenant, which has allowed them to quickly start operations.”

Boutique architectural residences to launch in Potts Point in 2025

Australian property developer Third.i, in collaboration with acquisition partner Toohey Miller, has announced the launch of their boutique residential project Muse Potts Point.

Muse will deliver 13 one, two and three bedroom boutique residences in Potts Point, one of the city’s oldest and most fashionable neighbourhoods.

Third.i co-founder and director, Luke Berry, said they are excited to be launching the company’s first project in Potts Point, and that they worked with the council and responded to the needs of the local community to create a legacy project that will complement the area, limit impact to the neighbours and support the growth of the suburb.

“We are thrilled to offer buyers an opportunity to secure their slice of boutique living in the heart of Potts Point,” he said.

“Residents will have effortless access to an array of amenities included in Potts Point’s vibrant lifestyle, ensuring they can fully embrace the offerings of this dynamic neighbourhood.”

Construction is scheduled to begin in late 2023, and works are expected to wrap up by the end of 2025.


Major mixed-use site in Geelong West for sale

Colliers and Stonebridge are exclusively bringing the high-performing Pakington Strand Shopping Centre to market.

Anchored by a full-line Woolworths supermarket and supported by 13 specialty shops, three kiosks and one ATM, the centre presents a unique opportunity to benefit from a strong-trading existing shopping centre.

The significant 20,984 sqm mixed-use zone site encompasses an outstanding possibility for a major mixed-use development comprising retail, commercial and residential uses, given its current low site coverage of 25% and strategic location prominently situated in Geelong West, adjacent to the Geelong CBD.

Pakington Strand Shopping Centre, 95-103 Pakington Street, Geelong West, is being offered for sale via an expressions of interest campaign, closing at 2pm (AEDT) on Wednesday November 15 2023.

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