Argus flips Brisbane growth corridor homemaker centre
Argus has sold an outer north Brisbane homemaker centre bought five years ago – as the country was adjusting to coming out of lockdown.
HomeCentre Morayfield (pictured, top) traded off-market for $48 million – a 5.75 per cent net passing yield.
It paid HMC Capital $28.85m – three per cent over book value.
At the time, the property was branded a HomeCo.
The on-sale was brokered by Stonebridge Property Group’s Philip Gartland.
It comes 11 years since Primewest, nowadays owned by Centuria, paid $34.75 million for the neighbouring large format retail complex, Morayfield Homestyle, 343 Mayfield Road.
On 2.95 hectares with 250 car parks, BCF, the Good Guys and Silly Solly’s are amongst the occupiers there.
Late last year, Gordon Corp sold Morayfield Village, on 1.69ha with 6916 sqm, for $24.625m.
This week meanwhile we reported Inchcape offloaded a major car dealership investment in the suburb – 247 Morayfield Rd.
Plantation Capital was that buyer, for just over $13m (continues below).
Morayfield is about 46 kilometres from town.
HomeCentre Morayfield
On 2.83ha at 321-343 Morayfield Rd, HomeCentre Morayfield contains 11,322 square metres in six tenancies, occupied by Nick Scali, Pillow Talk, the Salvation Army, Super Amart, Super Cheap Auto and Sydney Tools.
The weighted average lease expiry by income is 4.04 years.
It and Morayfield Homestyle are opposite the 7.95ha SuperCentre Morayfield, held 10 years by LaSalle Investment Management which paid $75m in 2015.
“This discreet off-market sale reflects the confidence sophisticated/best in class institutions currently have in high quality retail assets with strong fundamentals,” Mr Gartland said.
“With a fully leased profile and national tenant mix, HomeCentre Morayfield offers exceptional security and growth potential,” he added.
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