The Oasis, Broadbeach, one of South East Queensland’s biggest mixed-use buildings, has been listed.
The 1989 built property features 24,399 square metres of net lettable area.
It underwent substantial renovations in late 2018.
The three-level centre features 16,909 square metres of food and beverage-based retail, 7,490 square metres of commercial space, and 998 car spaces.
The property has been listed by JLL in conjunction with McVay Real Estate.
They noted the area was experiencing a significant wave of residential apartment development with nine projects totalling 1,288 apartments either approved or under construction.
Offers close November 7.
Mon Komo Hotel sold to Lewis Land Group
Australia’s oldest private property developer, Lewis Land Group, has purchased the renowned south-east Queensland entertainment venue, the Mon Komo Hotel, in a deal negotiated by Michael Simpson and Leon Alaban Savills.
Developer Lewis Land Group has further expanded its presence in South East Queesland, purchasing the Mon Komo Hotel at Redcliffe.
The iconic hospitality institution on the shoreline of Moreton Bay joins The Belvedere Hotel at Woody Point in the company’s collection of assets in the region.
Mon Komo is a multi-faceted hospitality venue featuring numerous bars, dining options, as well as conference, meeting and wedding facilities.
At a glance:
- The Mon Komo Hotel at Moreton Bay in south-east Queensland has been sold to the Lewis Land Group.
- The Hotel was developed by Kyko Group as part of their multi-award-winning mixed-use Mon Komo development.
- The sale was managed by Michael Simpson and Leon Alaban of Savills Australia.
Head of Leisure at Lewis Land Group, Brad Jenkins, said the purchase of the landmark venue marked a significant milestone for the Group.
“We’ve been big admirers of the Hotel for a long time and we’re thrilled to bring it into the portfolio,” said Mr Jenkins.
“It’s a quality venue in all respects and in many ways, it sets the benchmark for hotel service and entertainment excellence.”
The Hotel was developed by Kyko Group as part of their multi-award-winning mixed-use Mon Komo development.
Kyko Group Director Bill Jenkings said after eight years of ownership, the company had decided to sell in order to focus more on its office building portfolio.
“It’s been a great journey and we’re really proud that Mon Komo has become one of the iconic Queensland hotels,” he said.
“We really look forward to coming back to relax and enjoy a cold beverage on Mon Komo’s stunning terrace.”
The sale was managed by Michael Simpson and Leon Alaban of Savills Australia, with timing of settlement subject to normal regulatory approvals.
Goodman Group set to expand in Port of Brisbane
Industrial powerhouse Goodman Group looks set to expand its landholdings in the Port of Brisbane as it closes in on a vacant industrial site owned by Dexus in a deal understood to be worth about $30 million.
The homegrown logistics giant is currently undertaking due diligence to buy the 13.4 hectare property at 141 Anton Road in Hemmant, which has been on the market since early 2018.
The site, which is in close proximity to Brisbane’s sea port terminals and airport and about 11 kilometres east of the CBD, is zoned for a range of industrial uses and has development approval for up to 68,460 square metres of gross floor area.
Dexus owns 50 per cent of the asset while Dexus Industrial Partnership owns the other half.
Dexus and the Future Fund formed the Dexus Industrial Partnership in 2014 to own a portfolio of industrial properties together including the site in Brisbane which it bought in the same year for $25.5 million. Dexus had originally planned to develop it.
Last year the Future Fund sold out of the capital partnership with British funds manager M&G Real Estate taking over the sovereign wealth fund’s stake.
Goodman Group has come along way since it was founded by developer Greg Goodman 30 years ago with just eight assets, now with a global portfolio of assets building towards $50 billion.
Interest in industrial land in Brisbane as well as Melbourne is on the rise as investors seek better value and more opportunities than what is on offer in Sydney.
Singaporean group Mapletree,the latest big investor to snap up industrial land, recently agreed to buy a 36 hectares site in Crestmead on Brisbane’s outskirts for about $95 million.
Greg Russell and Ben Hatch of Knight Frank, who are marketing the property for Dexus, would not comment on the sales campaign.
Singapore’s Mapletree snaps up $95m industrial site
Listed Singaporean property REIT Mapletree Logistics Trust has bought 36 hectares of industrial land on Brisbane’s outskirts in a deal worth about $95 million as institutional investors look beyond Sydney for better value.
It is understood the trust has agreed to terms with the vendor Pointcorp for the sale of the site, which will be part of the proposed 157 hectare Crestmead Logistics Estate, south of the Logan Motorway corridor in Brisbane.
Pointcorp, a Brisbane developer which has been amalgamating the land over the past two years, will start developing the estate in January. Mapletree will then be able to develop its own warehouses on the site with a capacity for about 200,000 square metres of space.
The land is just south of the 90,000-square-metre Metcash property that Charter Hall purchased from Blackstone earlier in the year for $183.6 million and is transacting on a yield of 5.15 per cent. The relatively tight yield is indicative of the increased demand from institutional investors for industrial property .
Pointcorp director Chris Vitale confirmed the group had contracted to sell 36 hectares unconditionally but would not disclose the price or buyer.
Selling agents Michael Callow and Scott Dalton of Cushman & Wakefield and Colliers International’s Matthew Frazer-Ryan also declined to comment on the deal.
However, Mr Callow did say there was a trend of institutional funds restocking their land supplies in Melbourne and Brisbane to facilitate large-scale warehouse and logistics parks, given the Sydney market was tight and overpriced.
“Melbourne land prices have doubled in the last 12 months based on strong tenant demand,” Mr Callow said. “It’s having the best run of all capital cities and Brisbane is likely to follow in 2020.”
Based on some recent comparable transactions, industrial land has been selling for anywhere between $600 and $700 per square metre on Sydney’s fringes, compared to between $250 and $350 per square metre in Brisbane’s western corridor precinct.
The Charter Hall-managed Core Logistics Partnership recently announced its acquisition of a 3.9 hectare site at Glendenning in Sydney’s west for $26 million, at about $680 per square metre.
Mapletree Logistics Trust has been an active player in the local logistics property market of late.
In September, the REIT bought a yet-to-be-built untenanted 15,000 square metres warehouse in Melbourne’s west in a fund-through deal worth $18 million and last year the trust paid $102 million for a Coles distribution centre in Heathwood in Brisbane’s south-west from US-based institutional investor Blackstone.
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