Charter Hall sells two retail assets for a total of $76.1 million

Charter Hall Retail REIT has sold the Coomera Square shopping centre in Queensland and a freestanding Woolworths-leased supermarket in New South Wales, for a total of $76.1 million.

The Sydney-based fund manager said the assets traded at a small discount to their December 2017 book values.

“The divestments are consistent with the REIT’s strategy to divest smaller assets and recycle capital into centres which are the dominant convenience based offers in their respective catchments,” Charter Hall said in this statement.

The 11-year old Coomera Square complex on the corner of Days and Old Coach roads on the Gold Coast offers 9,115 square metres of retail area leased to 38 tenants, and 513 car parks.

Charter Hall paid $59.2 million for this asset (pictured, top) in mid-2014. Its book value as at the end of last year was $59.7 million.

The retail landlord also sold a supermarket about a two hour drive north-west of Canberra in Young – a regional town marketed as the cherry capital of Australia.

Woolworths, BWS and Petrol Plus fully occupy 3139 sqm of buildings on the Boroowa Street site which Charter Hall last valued at $17.4 million.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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