Banjo Bond, HMC trade another asset

Banjo Bond bought HomeCo Midland from HMC last year.

Cosgrove Group has secured another large format retail investment – this time near Newcastle.

HomeCo Warners Bay (pictured, top) is costing the Banjo Bond co-run Perth based group $56.5 million.

The Esplanade Hotel at Fremantle sold earlier this year.

HMC Capital, on behalf of the Daily Needs REIT (HDN), was the seller.

It is the country’s second biggest LFR asset to transact so far this financial year, Colliers marketing agent, James Wilson, said (the biggest was also in NSW, at Warrawong, struck in two parts, which we covered here).

Cosgrove is a diversified investor, recently buying Fremantle’s Esplanade Hotel from Centuria.

Also, in April, it snapped up adjoining Perth CBD retail assets for $35.3m – a 30pc discount on expectation the year earlier (story continues below).

Another Cosgrove/HMC deal

The Warners Bay deal comes 14 months since Cosgrove bought an LFR asset in Midlands, Perth, for $74.8m – also from HMC, which held it on behalf of HDN.

Fourteen kilometres south west of Newcastle, with 12,337 square metres, prominent occupiers include Autobarn, Officeworks and The Good Guys.

Banjo Bond is the son of Primewest founder, John, and grandson of late national business identity, Alan.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.