Adelaide Hills Dan Murphy’s trades on 5.1pc yield
Endeavour Group has sold an eight year old Dan Murphy’s at Mount Barker, the largest town in the Adelaide Hills.
The listed group, which holds some 260 freeholds occupied by the business, is banking $11.7 million – a 5.13 per cent yield – for 52-60 Hutchinson Street.
The buyer is a high-net-worth Victorian attracted to stamp duty savings presently applicable in South Australia, Stonebridge’s Kevin Tong, who marketed the asset with Michael Collins, Tom Moreland and Rorey James, said.
“This was a highly sought after asset, combining the strength of a national covenant with a standalone liquor format – a category that continues to perform exceptionally well,” according to the executive.
The yield is one of the lowest recently recorded for a non-metropolitan Dan Murphy’s or single tenant large format retail asset, he added.
Two years ago we reported a Dan Murphy’s in Victoria’s Shepparton traded for $13m – a 5.8pc return.
Mount Barker is about 33 kilometres south east of Adelaide’s CBD.
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