Camillo mall sells to fund manager owners
Mina and Scott O’Neill, who head investment house Rethink, have snapped up a retail and essential services investment at Camillo after their clients passed up the chance to buy it.
The Champion Lakes Shopping Centre, on 1.75 hectres at the corner of Westfield and Ypres roads, is setting the Sydney based pair back $11.4 million following an off-market campaign.
The result reflects a 6.78 per cent yield.
It is also a discount on the $13m initial asking price.
“The shopping centre was rejected for the simple reason that it was not located on the east coast,” Mr O’Neill said.
“If this [property] was in Brisbane, instead of the asset being $11.4m, it would have been over $17m,” he added.
Camillo is 26 kilometres south east of Perth.
Retail, childcare, medical
With 4391 square metres of lettable area, Champion Lakes is anchored to Coles and IGA, with 10 specialty stores including a pharmacy (story continues below).
The asset also includes a medical complex and new childcare centre.
The Weighted Average Lease Expiry is six years.
Closer to town, last month, Elanor paid Stockland $98.8m, reflecting a 7.25pc capitalisation rate, for the Riverton Forum, on 6.3ha.
That complex is about 11 km south east of the CBD.
Also last quarter, HMC Capital outlaid $92.5m for Southlands Boulevarde, on 6.15ha at Willeton – about five kilometres south of Riverton.
That seller was Lendlease.
Subscribe to our newsletter at the bottom of this page.
