News release

JLL National Market Wrap

Summary of our most recent transactions

July 23, 2020

Leasing

Levels 5 & 6, 89 Pirie Street, Adelaide, South Australia

One of the largest and oldest law firms in South Australia will take up two levels in a newly refurbished CBD office building.

JLL’s Senior Executive for office leasing (SA)- James Parkyn negotiated the lease for levels five and six at 89 Pirie Street, Adelaide for Mellor Olsson Lawyers. 

The building known as ‘Pirie House’ is located in the commercial heart of Adelaide and is currently undergoing major upgrades, including installation of new floor to ceiling glazing, new lifts, a new ground floor lobby and café and end-of-trip facilities. 

Pirie House has more than 7,000 sqm of office accommodation office flexible space from 150 sqm up to 900 sqm per floor with Pelligra able to tailor tenancies and fitouts to suit. 

Mellor Olson Lawyers have arranged an eight- year agreement with a 5 year right of renewal.

89 Pirie Street, Adelaide

Level 2, 141 Osborne Street, South Yarra

JLL’s Matt Szakiel and Matt Brown-Greaves have negotiated 300sqm of office space at Level 2, 141 Osborne Street, South Yarra on behalf of Cirka.

The 6-year lease on behalf of a private building owner is valued at over $150,000 per annum.

The property is located off Toorak Road on the door step of the South Yarra public transport hub and Chapel Street shopping and dining precinct. The building has recently been fully refurbished and features a new entry foyer, ample on-site car spaces and an abundance of natural light.

Level 2, 141 Osborne Street, South Yarra

63 – 71 Bayfield Road, Bayswater, Victoria

JLL’s Simon Wellock and Matt Allwood have negotiated 600sqm of warehouse and office space at 63 – 71 Bayfield Road, Bayswater on behalf of Vathey Pty Ltd.

The 3-year lease on behalf of a private building owner is valued at over $55,000 per annuum.

The property is located off Canterbury Road in the heart of Bayswater’s industrial precinct and features a 104sqm air-conditioned office space and 464sqm high clearance warehouse with 6 on-site car spaces and front electric roller door access. 

12/55 Barretta Road, Ravenhall, Victoria

JLL’s Blake Grewar has sold an 80sqm industrial unit at 12/55 Barretta Road, Ravenhall, to a private syndicate.

The industrial property achieved a sale price of $200,000 or $2,500 per sqm.  

The property sits within an industrial business park on the doorstep of the Western Freeway and Deer Park Bypass. The near new warehouse features secure on-site parking, electric security gates and container height electric roller shutter access.

The property was sold 3 years ago for $150,000 and has achieved 10% annual growth.

74 Wittenoom Street, East Perth, WA

Ramelius Resources Limited, a growing Western Australian gold producer, has leased space at 74 Wittenoom Street, East Perth due to a larger workforce after acquiring Spectrum Metals in February 2020. The 320sqm of office space is fully fitted out to enable Ramelius Resources with the ability to plug and play for an immediate start.

JLL’s Director of Office Leasing WA Ross Skelton said “the ability to offer a fully fitted space assisted the speed in take-up and this is a sector that is continually showing signs of strength within our local economy”. “In recent times, the demand for commodities such as Gold has been bolstered with prices up 27% over the last 12 months. The requirement for space due to the acquisition and growth of the company signals strong confidence in the sector” said Mr Skelton.

Sales

91-93 Canterbury Road, Heathmont, Victoria

A prominent childcare developer has purchased a high-profile site in Heathmont for circa $3 million. 

JLL’s Capital Markets Associate and Head of Asia Desk (VIC)- MingXuan Li, brokered the deal for 91-93 Canterbury Road on behalf of a private investor following a competitive Expressions-of-Interest campaign which resulted in more than 75 interested parties.

The 1,672 sqm site has schemes available for mixed-use development comprising 36 apartments, three ground floor offices and basement car parking for 40 vehicles. It is also suitable for townhouses, aged care or childcare redevelopment projects. 

91-93 Canterbury Road is opposite Heathmont Village Shopping Centre, occupied by national and local retailers including Priceline, Subway, Bendigo Bank and Bakers Delight. 

91-93 Canterbury Road, Heathmont, Victoria

42-46 Alfred Road, Chipping Norton, New South Wales

One of the first factories to be built within the Chipping Norton precinct has sold to a local buyer for $7,750,000.

JLL’s (NSW) Industrial Director Ryan Jennings and Associate Bella Cass brokered the deal for 42-46 Alfred Road on behalf of Karamin Pty Ltd via a competitive Expressions-of-Interest campaign which generated more than 80 enquiries.

Mr Jennings said, “It was exciting to be involved in a sale with such a long history. Gleeman Truck Parts has operated from the site since the early 1970’s and was one of the first factories to be built in the area.”

“Overtime Chipping Norton has changed quiet significantly and new developments and ongoing upgrade of infrastructure has transformed the area into a highly sought-after industrial hub,” Mr Jennings added.

The freestanding 2,378 sqm building has a low site coverage and the factory has the ability to be split into two separate areas.

42-46 Alfred Road, Chipping Norton, New South Wales

277 Barker Road, Subiaco, Western Australia

JLL has sold a 3,177sqm inner- metro development site in Subiaco, Perth Western Australia
JLL’s Head of Sales and Investments (WA) – Nigel Freshwater and Director Sean Flynn sold the former supermarket site at 277 Barker Road, Subiaco following a competitive Expressions-of-Interest campaign.

Mr Freshwater said, “The strong result represents a significant uplift on book value and was achieved through a highly competitive public sale process which generated more than 80 enquiries and multiple bids. This can be said to be one of Subiaco’s most coveted and vigorously contested development opportunities.”

277 Barker Road, Subiaco, Western Australia

642 Newcastle Street, Leederville, Western Australia

The sale of a boutique office building at 642 Newcastle Street, Leederville in Perth Western Australia was completed by JLL’s Director Sales and Investments (WA) – Tom Nattrass and Director Sean Flynn who sold the building on behalf of a local private investor for the first time in 22 years. Mr Nattrass said, “the property was taken to market on 31st March, in the midst of the COVID-19 pandemic here in Perth and the contract was agreed just 14 days later. Both parties acted decisively and despite a number of counter offers the contract was negotiated within a matter of hours.” 642 Newcastle Street benefits from a prominent location on the main thoroughfare of Newcastle Street in the heart of the Leederville commercial precinct, only 2.5km from the Perth CBD and less than 200 metres from the bustling food and beverage strip. “642 Newcastle Street in Leederville is a great asset that will hold its value into the future and in years to come will lend itself to a redevelopment” said Mr Nattrass.

642 Newcastle Street, Leederville, WA

41 Miguel Road, Bibra Lake, Western Australia

JLL Industrial Agents, Jeremy Parasiliti and Nick Goodridge sold 41 Miguel Road, Bibra Lake, Perth Western Australia via a competitive ‘Offers Invited’ campaign and received a number of offers throughout the campaign.

This office/workshop facility in the heart of Bibra Lake which due to the underdeveloped nature of the property presented a value-add opportunity to the buyer.

JLL’s Head of Industrial WA, Nick Goodridge said “this transaction reinforces the underlying demand and high levels of liquidity we are currently experiencing in the Perth industrial sector. The property presented an opportunity to acquire an underdeveloped site with value-add and development potential.

41 Miguel Road, Bibra Lake, Western Australia


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.