Charter Hall sheds Riverina supermarket
Charter Hall has sold a supermarket at Cootamundra, in the Riverina, also the South West Slopes.
On 8127 square metres, 2 Parker Lane, collected $19 million – a 5.5 per cent net passing yield.
The 4114 sqm centre is leased to Woolworths on a lease, with options, expiring 2050.
The agreement guarantees a $25,000 rent increase every five years. The supermarket also pays percentage rent.
More than 100-at grade car parks, some under shade sails, also occupy the block.
There is no competing centre within 50 kilometres, according to JLL’s Sebastian Fahey and David Mahood, who brokered the deal.
Five years ago the asset was reported as selling to Adelaide asset manager, Parkstone.
Cootamundra is about 400 kilometres south west of Sydney in the Riverina, also the South West Slopes.
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