BIG BUYER INTEREST LANDS $14.5M RETAIL CENTRE DEAL

Written on the 23 April 2015

BIG BUYER INTEREST LANDS $14.5M RETAIL CENTRE DEAL

NEIGHBOURHOOD shopping centres have regained their pre-GFC shine as more than 230 potential buyers were edged out of a $14.5 million deal at Mt Warren Park.

The property, with 3841sqm of net lettable area set on a 1.57ha site, has sold to an undisclosed buyer on a potential yield of 7 per cent fully let.

It was the first time Mt Warren Park Shopping Centre, which is anchored by Coles, was offered to the market since it was developed in 2005.

The sale of the privately-owned centre, negotiated by Peter Tyson and Jon Tyson of Savills Retail Sales, attracted broad interest from private investors, syndicators and smaller REITs and fund managers.

"This level of enquiry is even stronger than the last boom and reflects the number of new entrants in the market adding to the overall weight of capital seeking investment in the retail sector," says Tyson.

"Neighbourhood-style shopping centres are clearly the preferred asset sub-class in the retail sector, with investors attracted to the Coles and Woolworths covenants."

The yield is reflected in the tenancy mix with more than 53 per cent of gross income secured by national retailers Coles and BWS. About 25 per cent of gross income comes from medical-related tenants including a pharmacy, medical centre, Australia Hearing Services and a dentist.

The property was sold via an expressions of interest campaign that closed on march 25. Details of the purchaser have not been disclosed.

Mt Warren Park Shopping Centre is located next to Beenleigh, midway between Brisbane and the Gold Coast .


Latest News

ASSET SALES ON THE CARDS FOR E-TAILER SURFSTITCH AS LEGAL COSTS LOOM

EMBATTLED online sport clothing retailer Surfstitch (ASX: SRF) is looking at selling some of its assets as it faces c...

CROC INDUSTRY WORTH MORE THAN $100M TO AUSTRALIAN ECONOMY

CROCODILE farming is big business in Australia's top end, with the industry contributing over $100 million to ...

HOW A YOUNG ENTREPRENEUR 'FELL' INTO A BUSINESS THAT TURNS OVER $50M A YEAR

IN his first year of business as a 26-year-old, he built 18 homes which delivered a turnover of just under $4 million...

SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

THE long-neglected and much maligned Festival Plaza in Adelaide has received a hero in the form of long-time neigh...

Related News

ASSET SALES ON THE CARDS FOR E-TAILER SURFSTITCH AS LEGAL COSTS LOOM

EMBATTLED online sport clothing retailer Surfstitch (ASX: SRF) is looking at selling some of its assets as it faces c...

CROC INDUSTRY WORTH MORE THAN $100M TO AUSTRALIAN ECONOMY

CROCODILE farming is big business in Australia's top end, with the industry contributing over $100 million to ...

HOW A YOUNG ENTREPRENEUR 'FELL' INTO A BUSINESS THAT TURNS OVER $50M A YEAR

IN his first year of business as a 26-year-old, he built 18 homes which delivered a turnover of just under $4 million...

SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

THE long-neglected and much maligned Festival Plaza in Adelaide has received a hero in the form of long-time neigh...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter