Centuria sheds corner of regional WA mall
Centuria has sold a large format retail investment built into a corner beside Chester Pass Plaza, at Albany.
The asset manager is banking $14,118,366 for 160 Chester Pass Road, Lange.
On 1.35 hectares zoned Neighbourhood Centre, it contains 4315 square metres leased to Anaconda, Autobarn and JB Hi Fi.
The weighted average lease expiry is 5.4 years.
The result reflects a 6.13 per cent yield.
The buyer is a Melbourne investor, JC Albany Pty Ltd, directed by Marina Dan Dan Chen of Blackburn.
Albany is about 400 kilometres south of Perth’s CBD (continues below).
Low yield for regional investment
Centuria seized control of the 6.6ha Chester Pass Mall, formerly known as the Albany Brooks Garden shopping centre, with its 2021 takeover of Primewest.
The property was managed for M/Group, which bought it for $20.2m in late 2016.
The large format retail component was on sold by Vend Property’s Jeff Klopper and Paul Davison.
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