Asset manager buys Canberra growth corridor retail investment
Elanor Investors Group has sold a five year old retail investment opposite the Belconnen Fresh Food Market.
The two neighbouring buildings and 79 basement car parks, 2 Ibbott Lane, fetched $24.2 million from Sydney based Stirling Property Funds.
Highly exposed to Belconnen Way, with 3787 square metres, tenants include Barbecues Galore, Chemist Warehouse and Petbarn, amongst others.
There is also a medical centre.
Stonebridge’s Alexander James-Elliott, Philip Gartland and Michael Collins were the marketing agents; the asset was offered as seven strata pieces or in one line.
Stirling backs Canberra growth corridor
Belconnen is a designated growth corridor nine kilometres north west of Canberra’s CBD.
“The Belconnen Convenience Retail Centre was Stirling’s fourth investment in its strategy of building out a portfolio of quality convenience and Large Format Retail assets in high growth areas where there are significant barriers to entry,” the asset manager’s head of Property, Scott Girard, said.
“Our acquisition of this thriving shopping precinct was well-supported by our clients who continue to be attracted to the defensive qualities of the convenience-based retail sector and the opportunity to create value through active asset management,” he added.
“The trade area is growing 37 per cent faster than Sydney with per capita income 18pc higher than Sydney, which provides strong growth prospects for highly-accessible, well-serviced areas like Belconnen in the ACT,” according to the executive.
“A generational” $6.1 billion infrastructure investment program (including the new Northside Hospital and the University of Canberra Masterplan) within two kilometres of the site, is also underway”.
Last November we reported Stirling outlaid more than twice what it spent at Belconnen for Sydney’s McGraths Hill Home.
That seller was HMC Capital on behalf of the HomeCo Daily Needs REIT.
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