Australian Unity fund sheds renovated WA mall
Banjo Bond’s Cosgrove Group has acquired the Busselton Central shopping centre from an Australian Unity fund.
The neighbourhood mall, 30-35 Kent Street, was valued at $74.5 million in December, reflecting a 6.5 per cent capitalisation rate.
On 3.04 hectares over two siets it contains 13,313 square metres anchored to Coles supermarket and Reading Cinema.
There are also four mini-majors and 31 specialty stores.
It is 97.6pc occupied with a weighted average lease expiry of 5.2 years.
There are also over 300 car parks.
The asset was held in the Australian Unity Diversified Property Fund, the management of which transferred to ASA Real Estate Partners.
Busselton Central
Australian Unity acquired the core Busselton Central holding in 2015 (continues below).
Three years later, adjacent parcels were added.
A $45m extension and revamp was completed in 2023.
ASA offered it with plans for intensification.
CBRE’s James Douglas with Stonebridge Property Group’s Philip Gartland and Justin Dowers were the agents.
Busselton is about 230 kilometres south west of Perth.
The deal comes less than a week since we reported ASA bought a Collingwood office from the Liberman family backed Impact Investment Group.
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