Beacon snaps up another outlet from landlord
Beacon Lighting Group has purchased another property it rents – this time at Modbury.
The large format retail asset on a 4326 square metres Urban Core zoned site at 985 North East Road, diagonally adjacent to Westfield Tea Tree Plaza, is setting the group back $8.4 million.
With 1735 sqm of lettable area, the retailer occupies one of the two major tenancies; Petstock leases another.
There is also two small shop fit outs and customer parking, at grade and underground.
More than 27,000 cars are said to pass the property daily.
The deal comes 11 months since Beacon paid $7.8m for a bulky goods investment it also part-occupied, at Beckenham, 13 kilometres south east of Perth.
In late 2019 the lighting giant sold Charter Hall a distribution centre at Brisbane’s Parkinson for $28m with a leaseback.
Modbury is about 14km north east of Adelaide (story continues below).
Bank finance provides flexibility, opportunity: Beacon
Beacon will purchase the Modbury asset through its half share interest in the Large Format Property Fund and a 50 per cent stake with Rebeach Pty Ltd – a subfund set up to acquire real estate.
Part of the outlay ($3.4m) will be bank funded.
“The acquisition of the Modbury property continues to build the property portfolio for the Large Format Retail Property Fund and provides Beacon Lighting with the opportunity to financially benefit from being a long-term tenant,” the retailer’s chief executive officer, Glen Robinson, said.
“The introduction of bank finance for the first time has proved to be helpful and could provide further flexibility to fund other…acquisitions or restructures in the future”.
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