Bunnings trust selling Melbourne homemaker centre
BWP Trust is close to selling one of six assets seized with control of the Newmark Property REIT (NPR) early last year.
The Homeplus Homemaker Centre at 675-685 Warrigal Road, Chadstone, is fetching $86.025 million from Centuria.
The result is against a $78.5m valuation.
On 1.51 hectares, it was appraised at $75m in mid-2023 listed by Newmark Capital, which previously controlled the trust.
BWT controls about 80 assets, mostly Bunnings stores or shopping centres anchored to the hardware store.
The NPR portfolio was valued at $246.8m.
Chadstone Homemaker Centre
Also exposed to Collins Street, Chadstone Homemaker Centre was completed in 2011 on the former Clariant headquarters.
A kilometre from the landmark Chadstone – The Fashion Capital shopping centre, and adjacent to Chadstone Village, it contains 19,574 square metres anchored to Bunnings, with about 43 per cent of the area.
The hardware store is on a lease expiring next November. Other occupiers include Barbecues Galore, E&S, Flooring Xtra, Freedom, The Good Guys and Revo Fitness. There are also 480 basement car parks. The land is zoned Commercial 1 offering longer term development upside with residential.
NRT valued the asset this year at $78.5m. Based on the annual net rent ($6.54m), the Centuria deal would reflect a high 8.7pc return (continues below).
Chadstone is about 18 kilometres south east of Melbourne’s CBD.
Sunshine Marketplace stake sold
Meanwhile, Aware Real Estate has sold its 50pc stake in Sunshine Marketplace.
For an Altis mandate, it paid $65m in 2023.
This time around, it traded for $71m – a 5.75pc cap rate – to a local private investor.
On 12.3ha, the complex contains 33,997 sqm, with a 3.4 year weighted average lease expiry.
JLL was the marketing agency.
Vicinity is the co-owner.
The deal comes two and a half years since the Andrianakos family outlaid $134.5m for a half-stake in Broadmeadows Central, on 11.53ha – an asset also co-owned by Vicinity.
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