Commercial hammer prices

The combined book value of a 50% interest in the Bankstown and Roselands shopping centres listed for sale by Centro. The sales campaign is being led by Simon Rooney, Australian head of retail investments at Jones Lang LaSalle. Rooney negotiated the sale of three Centro regional shopping centres in May for $690.4 million to the Perron Group. Centro Retail Australia will retain the residual 50% interest and will provide all property level services through its existing management platform. “The well-known Bankstown and Roselands regional shopping centre assets being offered by the two syndicated [Centro] funds, MCS28 and MCS21, traded well through the GFC given their dominant trading positions in both of their respective, densely populated, western Sydney markets. Each asset presents attractive further development plays in the short term with keen tenant support,” says Rooney.

The price that a site that formed part of the former home of Foster’s Australia Limited in Abbotsford is expected to fetch at auction on June 21. The marketing campaign is being led by Colliers International agents Jeremy Gruzewski and Ted Dwyer. The 1,180-square-metre “island” site at the corner of Nelson, Fairchild and Cooke streets in Abbotsford was part of a large property portfolio in the immediate precinct that was leased by Foster’s Australia Limited. Discussions are currently underway with Foster’s to determine future plans on leasing, with the current lease expiring in December 2014. The site currently offers a net income of approximately $75,312 per annum

How much property developer and existing tenant Procon Developments Australia Pty Ltd has paid for an industrial property at Bayswater in Melbourne’s outer east.  The 820 Mountain Highway property comprises an office and warehouse facility with a net lettable area of 1,153 square metres, including a 437-square-metre office and a 716-square-metre warehouse, on a total land area of approximately 2,962 square metres. The deal was brokered by Savills Australia Notting Hill office director Ben Hegerty.

The price paid for a warehouse/office unit in the Gold Coast industrial precinct of Molendinar. The property at 1/7 Distribution Avenue, Molendinar, was marketed and sold by Ray White Commercial Gold Coast’s Steve Macgregor. It was purchased by an engineering firm, which intends to be an owner-occupier of the 156-square-metre building. Macgregor says Molendinar is one of the fastest-growing areas in the Gold Coast region.

The price expectations for a top-floor premium-grade strata office in a new mixed-use development in Hawthorn, Melbourne being marketed by Colliers International executives Hamish Burgess and Ben Baines. They have been appointed to sell level 6, 523 Burwood Road in Hawthorn by auction on June 20. The 410-square-metre strata office – complete with 38-square-metre terrace and 12 secure car parks – is leased to Drive Projects from June this year for five years. The new lease delivers $185,000 in annual rental income (plus GST and outgoings) and provides investors with the security of a six-month bank guarantee.