Boom prospects for growth corridor development play

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A 5,000sqm landholding within the Casey health and education precinct is expected to draw interest from buyers looking to capitalise on growing demand for healthcare and education services for the surging local population.

Fitzroys agents Chris James, David Bourke and James Lockwood are marketing the 60 Kangan Drive property in Berwick via an expressions of interest campaign closing Wednesday, August 22nd at 4pm.

It has a prime position with the Casey health and education precinct, between the Monash Casey Hospital and Epworth Hospital, and opposite the St John of God Berwick Hospital and Chisholm TAFE and Federation University, while the Woodlands Park Retirement Village is also in the precinct.

Current improvements on the site comprise a 962sqm single-level building, and there is onsite parking for 75 vehicles. The property has a wide frontage of 45 metres to Kangan Drive, and offers direct access to Clyde Road and Princess Freeway.

The property is being offered with a holding income of $300,000 per annum, with a lease to Splash’s Swimming School running until 2021.

“Surrounded by Casey’s major health and education institutions, the property is located in a strong commercial area, with flexible zoning allowing potential for various multi-level development outcomes,” Lockwood said.

“The property is well positioned to take advantage of the growing population within the infill area between Berwick and Cranbourne.”

Research undertaken by data firm .id for the City of Casey showed the current population is expected to grow by 54.60% to 514,800 by 2041.

Australian Bureau of Statistics information recorded population growth in Casey of 4.42% in the year to June 2017, including the country’s fastest-growing suburb, Cranbourne East. Casey’s increase also outpaced Melbourne’s nation-leading growth among capital cities of 2.7%.

Meanwhile, Australia’s ageing population has the proportion of those aged 65 years and over increase from 12.1% to 15.4% between 1997 and 2017, according to the ABS, which said the figures would increase more rapidly over the next decade.

The number of people aged 85 years and over increased by 132.9% in the same period, compared to total population growth of 33.5%.

“The growing life expectancy of people in Australia will continue to drive heightened demand for residential communities across the country, and this site presents an excellent opportunity to cater for that demand,” Bourke added.

Docklands showing signs of revitalisation

MP Burke Commercial Real Estate has sold a prominent waterfront restaurant at 36 Newquay Promenade, Docklands; the 4th restaurant in this locale to be sold by the company in the past 18 months.

The property was purchased by a high net worth Chinese owner-occupier who intends to establish a new fine dining restaurant catering to the booming number of residents and thousands of interstate and international tourists which visit Melbourne and the Docklands precinct each year.

According to agents, the property is unique and offers an expansive 30metre* frontage to Newquay Promenade and Victoria Harbour and is a short walk from the soon to be rebranded Marvel Stadium and the Channel 7 office building recently acquired by the Victorian State Government.

MP Burke Commercial Principal, Pat Burke said the vision for New Quay and more recently The Precinct, Docklands is being realised as every new tower nears completion.

“This precinct has matured to become year-round entertainment, retail, commerce and hospitality destination for Melbournians and visitors alike,” he said.

“The acquisition of the former Medici restaurant has the potential to deliver a world class dining experience which will be an exciting addition to Melbourne.”

Sentinel snaps up Townsville industrial asset

Sentinel Property Group has boosted its growing industrial portfolio with the purchase of a facility with a long-term tenant in Townsville’s premier industrial precinct for $12.6 million.

The 13,669 sqm facility at 806 Ingham Road, Bohle, is fully leased to leading packaging company Orora Limited and has been acquired for a passing initial yield of 9.59 per cent.

Sentinel Managing Director Warren Ebert said the property on a substantial site area of 31,820 sqm is the ninth addition to the Sentinel Industrial Trust, which also includes properties at Pinkenba, Crestmead and Oxley in Brisbane, Canning Vale in Perth, Paget in Mackay, Garbutt in Townsville, Mayfield in Newcastle and Tuggerah on the NSW Central Coast.

Mr Ebert said the Bohle purchase is Sentinel’s third acquisition in Townsville in recent months after the company purchased the River Quays office complex in December, 2017, for $28.6 million and another CBD office building, Central Plaza, for $15.5 million in April.

“Townsville is set to benefit from a significant number of infrastructure projects across a range of sectors, and this is likely to be positive for population growth, employment and household income levels,” he said.

“The North Queensland industrial property market has also shown signs of strengthening with a number of transactions at encouraging yields.”

There are a number of major projects planned and underway in Townsville, including the expansion of the Port of Townsville ($1.6bn), Singaporean Military Placement ($1.2bn infrastructure investment in Townsville), Adani Coal Mine ($16.5bn project), Lavarack Barracks and RAAF Base Upgrade ($1bn), the Townsville Lithium Ion Battery Plant ($1.6bn) and CBD Stadium ($250m).