AsheMorgan lines up Brisbane, Perth shopping centres
AsheMorgan is understood to be in advanced negotiations for two major shopping centres each side of the country.
In the biggest deal, the group is speculated to be paying c$150 million for Town Square Redbank Plains, 30 kilometres south of Brisbane.
Sydney based Singapore backed Sim Lian – Metro Capital is the vendor; it paid $160m in 2017.
With 27,326 square metres, including in eight pad sites, the complex has a surprisingly high occupancy – 97 per cent.
The weighted average lease expiry is strong too – 5.1 years by area.
The 6.5 hectare block also contains 1238 at-grade car parks.
The on-sale would be struck at a c7.4 per cent fully let net market yield based on the rent when the asset was launched for sale last year.
Sim Lian listed it with two more malls – Rothwell Shopping Centre, also in Queensland, and Dalyellup Shopping Centre, near Bunbury in Western Australia.
Stonebridge’s Carl Molony and Philip Gartland with JLL’s Jacob Swan, Sam Hatcher and Ned McKendry were the agents.
The area’s population growth is forecast to rise 3.4pc per annum until 2046, they said upon listing, well over the south east Queensland average (1.6pc).
Joondalup Gate windfall
Meanwhile AsheMorgan is paying $79.1m for Joondalup Gate at Edgewater, about 25 km north of Perth.
That would deliver a major windfall for vendor, WA-based asset manager Australasian Property Investments Limited, or APIL, which outlaid $55.6m in 2016.
On a similar size block (6.4ha), but with less lettable area – 24,682 sqm – the fully let net annual income is estimated to be $5.6m.
The land supports high-density mixed-use development with a minimum 20.5m height – and no prescribed maximum.
Colliers’ Richard Cash and James Wilson with JLL’s Sean Flynn, Nigel Freshwater and Nick Willis were the agents.
Any deal would come two months since AsheMorgan paid Dexus $290m for the half-stake it didn’t control in a Sydney CBD office, 309 Kent St.
The same pair in 2022 traded a Prospect homemaker centre, again in Sydney.
Subscribe to our newsletter at the bottom of this page.
