NEWS PROPERTY

Construction has begun on the $80 million Uniting Communities mixed use residential, commercial, retail and social services hub in Adelaide.

Stockland has released land targeted at first home buyers in masterplanned estates at Willowdale in Sydney’s south west and at Elara in Marsden Park and Altrove in Schofields. NSW planning minister Anthony Roberts launched the Willowdale properties on Sunday.

Medical fund manager Heathley Limited has acquired the 1179sq m commercial property leased to Nundah Medical Centre at 1220 Sandgate Road, Nundah in Queensland for $6.6 million. The 2042sq m corner site was sold at an initial yield of 6.5 per cent. Savills Jack Morrison and Peter Chapple, who acted for a private seller, said the asset had development upside.

Charity Uniting Communities has appointed Built for construction of its $80 million mixed use Adelaide CBD development that will include residential, commercial, retail accommodation and social services hub. The 20-storey Woods Bagot designed building, which will be called U City, will have a specialist disability short-stay accommodation facility, six floors of retirement living residencies and include retail and office spaces, a 400-seat function centre and cafe.

The Australian Chinese Medical Association of Victoria has sold at auction its headquarters in Box Hill for $3.21 million, 65 per cent above the reserve price. The office building, at 862 Canterbury Road, was acquired by a retailer. Sandro Peluso, Chao Zhang & Josh Twelftree from CBRE steered the campaign.

A private developer has bought a tenanted older style medical facility on Hastings Road, Frankston, Victoria for $3.1 million from a private seller, on a sale and lease-back. Colliers International’s Ben Baines and Adrian Rowse marketed the hotly contested expressions-of-interest campaign for the 804 sqm building, sold on a yield of 6.1 per cent.

Health fund RT Health has secured two levels of an office building at Level 1 and Level 2, 491 – 493 Elizabeth St, Surry Hills, Sydney for two years to accommodate a new project. The fund has leased approximately 476 sqm near its Buckingham Street, Surry Hills, headquarters from landlord Brian Adams. Both levels are fitted and furnished and the five-storey building also has a penthouse. Ray White’s John Skufris struck the deal at a gross annual rent of $210,000.

An aged-care bedding business paid $1.4million after auction for a Clayton industrial property that will provide a self-managed superannuation fund a leaseback investment. The 13 Graham Rd property, formerly occupied by Elite Surface Technologies, is a 1524sq m office and warehouse facility on a 2191sq m site. Selling agency Savills said the modern premises was close to major arterials.