JLL’s Top 10 Property Deals of 2025

After several years dominated by industrial and defensive office repositioning, 2025 marked a decisive shift in Australia’s investment landscape, with retail and hotels emerging as the standout transaction stories.

The top end of the market was particularly active, as investors re-engaged with scale assets offering income certainty, repositioning upside and exposure to sectors benefiting from a broader economic and behavioural reset.

Retail’s resurgence was underpinned by a powerful combination of stabilised fundamentals and renewed confidence in physical shopping environments.

Foot traffic has normalised, leasing spreads have improved and centres anchored by daily-needs retail and experiential offerings have proven resilient to e-commerce disruption.

Hotels capitalised on a sustained rebound in tourism, corporate travel and major events, with operating performance surpassing pre-pandemic benchmarks in several markets.

For investors, hotels offered a compelling inflation hedge and a play on Australia’s long-term tourism fundamentals, explaining their growing presence among the year’s largest transactions.

JLL’s top deals of 2025 illustrate a market recalibrating rather than retreating. Capital has become more selective, but not scarce, flowing towards assets with clear income durability, operational leverage and strategic relevance. 

IAG House

Address: 388 George Street, Sydney
Price: $920 million ($460 million for 50 per cent stake)
Date of transaction: January 2025

Total sq m: 41,097
WALE: 6.2 years
Capitalisation rate: 6.2 per cent

Buyer: UOL Group Ltd JV Singapore Land Group
Seller: Brookfield AM

135 King Street & Glasshouse Shopping Centre

Price: $608.2 million
Date of transaction: April 2025

Total sq m: 33,042 
Price per sq m: $18,406
Capitalisation rate: 6.8 per cent

Buyer: Daibiru
Seller: Investor Property Group

Top Ryde City

Address: Corner Devlin and Pope Street
Price: $525 million 
Date of transaction: December 2025

Total sq m: 76,956 
Price per sq m: $6822 
Capitalisation rate: 6.3 per cent

Buyer: Keppel REIT JV MA Financial Group  
Seller: Blackstone

Central Plaza One

Address: 345 Queen Street, Brisbane
Price: $460 million ($230 million for 50 per cent stake)
Date of transaction: October 2025

Total sq m: 40,428  
Price per sq m: $11,378

Buyer: Aravest OBO SMFL JV Kenedix
Seller: ISPT

Woodgrove Shopping Centre

Address: 533 High Street, Melton
Price: $440.5 million
Date of transaction: July 2025 

Total sq m: 52,802  
Price per sq m: $8343
Capitalisation rate: 6.4 per cent

Buyer: Assembly Funds Management JV PGIM Real Estate 
Seller: QIC 

Paradise Centre & Novotel Surfers Paradise

Price: $346 million (unconfirmed)
Date of transaction: December 2025
Total sq m: 23,186 Retail

Property: Centro Surfers Paradise
Address: Corner Cavill Avenue and Surfers Paradise Boulevard

Property: Novotel Surfers Paradise
Address: Surfers Paradise Boulevard

Buyer: Shayher Group
Seller: Challenger

Darling Square (Leasehold)

Address: Pier Street, Sydney
Price: $360 million (pending)
Date of transaction: December 2025

Total sq m: 27,749
Price per sq m: $12,973

Buyer: Barings
Seller: Lendlease JV Aware Super

Sirius Building

Address: 23 Furzer Street, Phillip
Price: $305 million
Date of transaction: December 2025

Total sq m: 46,166 
Price per sq m: $6607
Capitalisation rate: 8 per cent

Buyer: Lederer Group
Seller: Mirvac

Wacol Logistics Hub (Stage 1, 2 & 3)

Address: 3746 and 3720 Ipswich Road, Brisbane  
Price: $253.5 million
Date of transaction: December 2025

Total sq m: 115,980 Industrial 
Capitalisation rate: 5 per cent

Buyer: JD Property  
Seller: Logos Property (ESR) JV KKR JV Mubadala Investment

Park Hyatt Melbourne

Address: 1 Parliament Square, Melbourne
Price: $205 million
Date of transaction: August 2025

Total units: 245 
Price per unit: $836,735

Buyer: KS Hotels  
Seller: Fu Wah International Group

* This list was compiled using MSCI Real Capital Analytics data