$26m deal tops list
A PRIME office building development in Townsville’s CBD is the top valued commercial property deal to have settled in the city last year.
It is one of a mixed bag of transactions involving industrial property, retail, hospitality and tourism projects, the child care sector and aquaculture.
The top 10 deals in Townsville range in value from the office building development, which sold for almost $26 million, to property transactions worth just over $3 million.
Townsville developer Honeycombe Property Group has developed the four-level Liverpool Place office building, which will be occupied by the Australian Taxation Office later this year.
The ATO is relocating from other premises in Stanley St.
Liverpool Place, in Honeycombes Property Group’s $450 million masterplanned precinct, Central, has been snapped up by Sydney-based investment firm Portnordica.
Portnordica has described it as a rare opportunity to acquire a new, governmentbacked and fully leased asset promising secure and longterm cash flow.
Other deals include transactions for two large retail sites, the Coles shopping centre in Thuringowa Drive, Kirwan, and the Warrina shopping centre in Illuka St, Currajong, both for around the $7 million mark.
The Coles centre was acquired by one of Australia’s largest unlisted property managers, ISPT Pty Ltd.
The Warrina centre was bought by Melbourne-based property syndicator Peak Equities, which also owns The Precinct shopping centre in Idalia.
In the tourism sector, the Base Backpackers Resort on Magnetic Island was acquired by the The Trinity Accommodation Regional Hospitality Fund, while Queensland company Shoobridge Commercial bought the Rydges Southbank motel and restaurant property in Palmer St, South Townsville. Knight Frank Townsville agent Mark Fitzgerald said confidence in the Townsville market was increasing.
“All the investment property we are putting into the market, we are getting strong interest from out-of-town investors,” Mr Fitzgerald said.
“This is on the back of yields in regional areas that are a lot more attractive compared with metropolitan markets.”
Mr Fitzgerald said sales of good properties they had been involved in showed yields around 8 to 8.5 per cent.
The yield for the Central office building transaction was quoted at “sub 6 per cent”.
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