AsheMorgan, Dexus trade another asset
Six weeks after selling Casula’s Crossroads Centre for $282 million – AsheMorgan has reinvested part of the proceeds on a large format retail complex 20 kilometres away.
Homemaker Prospect at 19 Stoddart Road, backing onto the Great Western Highway, is costing the fund manager $78.9m.
No yield has been disclosed.
The seller was Dexus which outlaid $64.2m in 2019 from Altis.
The deal comes 13 months since AsheMorgan paid Dexus $405m for a half stake in a two tower office asset complex at 309-321 Kent Street.
Homemaker Prospect
About nine kilometres west of Parramatta, Homemaker Prospect was developed in 1986.
On 6.5 hectares, it includes 25,770 square metres with 28 tenancies.
Occupiers include Bing Lee, Fantastic Furniture, Nick Scali, Plush, Paul’s Warehouse and The Good Guys (story continues below).
National brands and chains contribute to about 95 per cent of the income.
There are also 634 car parks.
Flexible zoning
Zoned B5 Business, the Prospect site can also be used for industrial.
In May, Goodman acquired an Alexandria LFR asset for this purpose – outlaying c$200m.
The only other LFR asset to trade this year was the Gold Coast’s Homeworld Helensvale which collected $265m from an offshore investor, in its maiden Australian deal.
“The sale of Prospect Homemaker takes the total LFR sales volume for 2022 to a five year high and reflects the intensified demand for LFR assets because of the category’s resilience over the past two years,” JLL’s Nick Willis, who marketed the centre with Sam Hatcher and Andrew Quillfeldt, said.
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