Magid family banks $124m from east coast assets
Robert Magid, whose late property developer father Isador in 1951 created Twisties, has sold two more major investments.
In the biggest deal, with Charter Hall, the family is banking $84 million, reflecting a 3.1 per cent net passing yield, from a 5.48 hectare office/industrial asset at the south west corner of Springvale and Wellington roads, in Melbourne’s Mulgrave.
The holding includes 759-767 Springvale Rd – the former Adidas headquarters, on 2.25ha – which agents described in the early 2000s as the south east’s highest quality office (that accolade is now considered to be held by a Mount Waverley commercial building which coincidentally also recently sold, for $60.25m).
The property also includes 745-757 Springvale Rd, on 2.28ha, and 300 Wellington Rd (9522 sqm), the latter which cost the Magid family’s Overland Properties $2.5m in 1995.
Charter Hall is expected to redevelop the under-utilised sites longer-term; it settled in June.
CBRE’s Rory Hilton, Chris O’Brien, Scott Orchard and Tom Ryan brokered the sale.
Second hotel sale
Meanwhile in Sydney, Overland has offloaded the c1887 Harbour Rocks hotel for c$40m (story continues below).
Singapore-based Invictus Pacific Alpha Management, backed by Indonesia’s billionaire Karim family, is the purchaser, according to the AFR which is reporting the deal.
JLL’s Mark Durran and Nick Roche were the agents.
The disposals come eight months since the Magid family sold the historic Hotel Lindrum, on Melbourne’s Flinders Street, to Time & Place for c$50m – a rise on the $15.7m it outlaid in 2008, also when it snapped up the Harbour Rocks leasehold.
Both hotels are leased to Accor as M-Gallery by Sofitel guesthouses.
Amongst its many projects, the Magid family developed the Fountain Gate shopping centre, again in Melbourne.
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