Altis Property Partners has sold two large-format retail assets on Australia’s east coast for a total of $282.4 million.
The most valuable property, Homemaker The Valley, in Brisbane’s Fortitude Valley (pictured, top), is trading for $170 million – reflecting a passing yield of 7.3 per cent.
Covering a three hectare site, and with 692 car spaces, the holding includes a 32,284 square metre complex which is 93 per cent occupied. Tenants within the complex include Harvey Norman, Domayne and Freedom Furniture.
In Sydney, the Greenway Plaza and Homemaker Greenway complexes (pictured top left), in Wetherill Park, about 14 kilometres south-west of the Parramatta CBD, are trading to Brett Blundy’s Aventus Property Group for $112.4 million.
The “convenience centre” as it was marketed, includes about 29,000 sqm of lettable area with occupants including Officeworks, The Good Guys, Spotlight and BCF. All up this offering, on a 6.4 hectare corner block, includes 45 large format and convenience retailers, seven office tenancies and a 691-bay car park.
Mr Blundy, who is Australia’s 34th wealthiest person according to Forbes, acquired these properties on a 7.6 per cent yield.
The assets were part of a four-property portfolio worth a total of some $500 million which Altis, backed by First State, listed for sale earlier this year via JLL’s head of retail investments for Australasia, Simon Rooney.