Charter Hall, FRP trade another asset

Charter Hall, on behalf of its Retail REIT, and Telstra Super, have sold Torrensville’s Brickworks Marketplace after eight years.

Yanchep Central cost FRP $41 million last year.

The pair are banking $85 million from Adelaide fund manager FRP Capital, which has now launched a capital raising to part-finance it.

The vendors paid $75m when the centre was under construction.

That seller was Woolworths, one of the anchors.

Torrensville is three kilometres west of Adelaide.

Brickworks Marketplace

On 4.4 hectares at the north west corner of Aswin and South roads – the latter, a major north/south thoroughfare – Brickworks Marketplace contains 17,300 square metres of lettable area.

Big W and Dan Murphy’s are the other anchors.

There are also two mini-majors and 40 specialty stores; occupancy is 96 per cent while the Weighted Average Lease Expiry is nine years.

There are 680 car parks too.

The property is adjacent to a nine hectare site set to become the Adelaide Crows headquarters from 2025 (story continues below).

Telstra Super sold Sydney’s Carlingford Court in September.

FRP invests in home state

FRP has launched a closed ended fund for Brickworks Marketplace promising unitholders a 6.07pc first year return.

The acquisition comes 19 months since the manager, which also trades as Red Wealth, outlaid $41m, reflecting a 6.64pc yield, for Yanchep Central, in Perth’s north.

In 2020 FRP paid $16.1m for Carnavon Central, 900 kilometres north of the Western Australian capital.

Coincidentally, that deal was again with Charter Hall.

It and Yanchep Central are, like Brickworks Marketplace, anchored to Woolworths.

Telstra Super sells another asset

The Brickworks Marketplace sale comes two months since Telstra Super offloaded a half stake in Sydney’s north west Carlingford Court, to JY Group.

At $120.5m, that deal reflected a better windfall than at Torrensville; it spent $88.5m in 2013.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of