Charter Hall, Telstra Super offload Adelaide mall

FRP has completed its $85 million purchase of Torrensville’s Brickworks Marketplace.

The deal with the Charter Hall managed Retail REIT (CQR) and Telstra Super was speculated last November.

CQR and Telstra Super sold Keppera’s Great Western Super Centre in 2020.

The result reflects a 5.43 per cent yield.

FRP will hold it in a fund promising annual distribution of 6.07pc.

It is the second shopping centre the group has purchased from Charter Hall – in 2020, the pair traded Carnavon Central, 900 kilometres north of Perth, for $16.1m.

Rise on book value

CQR and Telstra Super paid Woolworths $75m for Brickworks Marketplace when it was under construction nine years ago.

On 4.4 hectares, it contains 17,300 sqm, anchored to Woolworths and Big W, with two mini-majors and 40 specialty stores (story continues below).

The Weighted Average Lease Expiry, last November, was nine years, while occupancy was 96pc.

There are also 680 car parks

JLL’s Nick Willis and Sam Hatcher managed the off-market sale.

Their result reflects a $4.9m (or 6.1pc) premium to the December, 2022, book value.

Torrensville is three kilometres west of Adelaide’s CBD.

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Marc Pallisco

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