Pace sells strata supermarket
Pace Development Group has sold a strata-titled retail investment, part of the apartment-based Pace of Blackburn mixed use complex, east of Melbourne.
Known as 162 Whitehorse Road, it is speculated to have collected $4.65 million.
Based on the net rent paid by Jefferies Provedore, the deal reflects a c6.7 per cent yield.
The asset contains 1009 sqm and 45 car parks.
The incoming interstate based owner should also be able to claim depreciation benefits, the asset only completed two years ago.
Cushman & Wakefield’s Raphael Favas, Jack Cooper and Valerie Tang were the agents.
“The lease structure is particularly attractive: a 15 year initial term with three…five year options, potentially extending occupancy to 2053,” they said.
This pocket of Blackburn is about 16 kilometres from town.
Jefferies Provedore also has a Croydon outlet.
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