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

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

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