Asset manager sells IGA-anchored mall
APIL has sold a Joondalup precinct IGA-anchored shopping centre after 12 years.
The Perth based asset manager banked $16.88 million for Kinross Central, on 1.39 hectares at 3 Selkirk Drive.
It paid $12.45m for a single asset fund.
Ray White Commercial’s Brett Wilkins, Andrew Woodley-Page and Stephen Harrison were the agents.
The deal comes six months since we reported APIL sold AsheMorgan Joondalup Gate at Edgewater, for $79.1m – a major rise on the $55.6m it outlaid in 2016.
Kinross Central
Developed in 2006, part of a Peet housing estate, the Kinross asset contains 4093 square metres, with 14 specialty stores.
The weighted average lease expiry by area is 4.3 years.
By income it is 3.3 years.
The IGA franchise – Tuckers Fresh IGA Kincross – was in February named International Store of the Year at that retailer’s Awards for Excellence event, held in Las Vegas.
The property also has development upside, with 50 more car parks than required by council – land the agents said can accommodate retail or essential services product, like a childcare centre.
Kincross is about 32 kilometres north of town.
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