Capital Gain
For Capital Gain, selling a northbound truck stop in Halfway Creek, anchored by ASX-listed tenant Ampol, for around $13 million appears to be a great outcome.
But for the vendors – John Clark, Chris Page and Tony Rummuno – the sale seems not quite an A-tier deal, that’s if their company that controls the site is anything to go by: Plan B Whitsunday Pty Ltd.
The Ampol servo is the only northbound petrol station in a 200-kilometre stretch of the Pacific Highway between Coffs Harbour and Ballina, making it more than a Plan B proposition for investors nationally.
It sold on a 5.92 per cent yield following a campaign that generated 192 inquiries and eight competitive offers, its agents – Stonebridge’s Michael Collins, Tom Moreland, Aike Sakeson and Rory Alexander – said.
Plus, the 20,110 square metre freehold has a 15-year net lease to Ampol returning annual income of $769,152, with lease options to 2053 and fixed 3 per cent annual rent increases.
Capital Gain hopes the Plan B gents might one day let us know what Plan A Whitsunday looks like! Happy sailing, no doubt.
Pizza to pub
Grant Bourke, a former director of Domino’s, has swapped pizzas for a country pub on the mid north coast of NSW.
Bourke purchased the Artisan Farmer pub from Peter Doyle and Rebecca Holbrook. The couple expanded the business over the past four years adding a farmgate and other spinoffs.
It sold for about $15 million.
The hotel sits on a four-acre freehold title at the intersection of the Pacific Highway and Woosters Lane in Nabiac. It has dual north-and south-bound access and is exposed to more than 20,000 vehicles daily.
Bourke was a director for 25 years at the ASX-listed hospitality group after joining Domino’s as a franchisee in 1993. He became a director in 2001 and played a role in the company’s ASX listing in 2005 before retiring earlier this year.
Bourke said his vision was to “build on the strong foundations already in place, while thoughtfully growing the business to create an even more compelling destination for locals and travellers alike”.
The property has a cafe, bakery, coffee roastery, delicatessen, licensed bar and farmgate butcher.
Regional pubs and hospitality sites are proving as popular as those in the city, with recent sales including the Ibis Styles Port Macquarie for $15.5 million and the Nambucca River Tourist Park for $10.5 million.
HTL Property agents Xavier Plunkett and Andrew Jolliffe managed the sale of the Nabiac property with Rob Chapman from Ray White Manning Valley.
Co-living
Singapore developer Wee Hur will build a large-scale student housing complex in Sydney’s lower North Shore after paying more than $50 million for an amalgamated site.
The 2944 square metre corner site in Wollstonecraft at 35-51 Nicholson Street was created by amalgamating 18 separate strata-titled townhouses. The property attracted substantial interest from developers, particularly those focused on the living sector.
Wee Hur plans to develop a premium, co-living building for students. Co-living has communal kitchens and living areas with smaller apartments.
The property’s recent rezoning under the NSW government’s transport oriented development program, combined with its proximity to the Crows Nest Metro Station, was a key driver of buyer interest. The site also has a high-density residential zoning.
JLL’s Dylan McEvoy and Gordon McFadyen managed the sale. Wee Hur was represented by Intergen Property Group, run by long-time property specialists Dennis Kalofonos and Trevor Hardie.
Gym sale
Queensland Investment Corp has sold a key site in Chatswood to a private local investor for $30.50 million. The deal reflects a net yield of 5.57 per cent and a building capital value rate of $7930 per square metre.
The 6491 square metre, three-storey 350 Eastern Valley Way property is fully leased to Fitness First Platinum until 2031. Located in an industrial hub, it’s surrounded by major retailers including a Bunnings Warehouse, Woolworths, Tesla, Kennards Self Storage and Supercheap Auto.
Colliers agents Harry Bui and Zhenni Lu, alongside Mark Litwin of Knight Frank, managed the sales process.
carolynannecummins@gmail.com
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