Coles Group has sold a four year old shopping centre to Primewest – the group it bought the land to develop it on.
Byford Village, 40 kilometres south east of Perth, is trading for $33.75 million.
The asset will be held by the Matrix Trust, which holds four other retail investments – all on Australia’s east coast.
Coles occupies two thirds of the 6282 square metre complex at 20 Abernethy Road.
There are also 11 specialty tenancies – leased to amongst others, a Priceline and medical centre – a playground and 360 car parks.
Construction cost was put at $18m.
The property includes an undeveloped tract.
Byford forms part of a growth corridor; it will shortly have a train station built beside the town centre – not far from Coles (story continues below).
“We are very familiar with the Byford community and opportunities the growing south east Perth region provides,” Primewest head of Retail and Western Australia general manager, Bruce McCully said.
Matrix Trust also holds the Spring Farm Shopping Centre, which it acquired from Woolworths for $34.75m last June.
In the NSW capital, it also owns Pemulwuy Marketplace and West Ryde Marketplace – picked up from Charter Hall for a total of $91.5m 14 months ago.
The portfolio’s priciest property is a childcare centre and retail component of the Melbourne Square mixed-use complex, in Southbank, which cost $70m from OSK Group at the end of last year.
Following settlement of Byford Village, the trust’s Weighted Average Lease Expiry is 9.4 years.
In July, Primewest completed its merger with Centuria Capital Group.
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