Asset managers trade outer Perth mall
ISPT has shed another neighbourhood shopping centre from the Retail Australia Property Trust (IRAPT).
Brighton Village at Butler, 41 kilometres north of Perth, found favour with Trilogy Funds for $25.3 million ex-GST.
On 1.2 hectares, it contains 3831 square metres anchored to Coles on a lease expiring in 2033 with four 10 year options.
Nearly 90 per cent of income comes from national and chain tenants (78pc from Coles).
The specialties are on agreements with annual reviews between 3.5-4pc.
Measured by income, the weighted average lease expiry is 7.48 years.
ISPT quits in the black
Also with 201 car parks and two click and collect bays, Brighton Village at at 6 Kingsbridge Boulevard sits in the Wanneroo growth corridor, expected to see over 70,000 new households in 20 years, according to the ABS.
It is passed by some 35,000 vehicles a day, the marketing agents, Colliers’ James Wilson and Richard Cash, said.
ISPT paid $21m in 2013 holding a 75pc stake with Coles owning the balance (an interest it bought for $6.7m six years later).
The complex was developed in 2006.
ISPT merged with IFM Investors in December.
The sale comes nearly three weeks since we reported another IRAPT asset, Katoomba Village in the Blue Mountains, traded to Precept Property Partners for $34.8m – a 6.4pc yield.
In May meanwhile, ISPT bought Townsville’s North Shore Plaza for the fund, paying Clarence Property Group $33m.
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