The four year old Coolalinga Central has sold for a speculated $80 million.
On 7.71 hectares at 425 Stuart Highway, about 29 kilometres south east of Darwin, the shopping centre was offered by Melbourne-based non-bank lender Wingate, which recently seized control from the developer, Gwelo Investments.
The sale price reflects a circa-8.6 per cent yield.
The as yet undisclosed buyer can still claim depreciation benefits.
Last October, SCA Property Group paid Woolworths’ development arm, Fabcot, $33m for Bakewell Shopping Centre, at nearby Palmerston – an asset also constructed in 2017.
Coolalinga Central contains 20,249 square metres of fully-let area and 1240 car parks – almost two thirds of which are undercroft.
Coles and Kmart are the anchors.
There are also five mini-majors and 37 specialty stores (story continues below).
Eight highway pad sites are leased to, amongst others, KFC, Hungry Jack’s, McDonald’s and Subway.
A 1.65 hectare tract is available for immediate development.
Gwelo, believed to be owed rent from numerous tenants, unsuccessfully tried to sell the complex for c$90m in 2019.
JLL’s Jacob Swan, Nick Willis and Sam Hatcher represented Deloitte as receiver for Wingate.
“We are continuing to experience a resurgence in investor confidence in the sub-regional sub-sector that continues to prove its resilience and performance,” Mr Willis said.
“This transaction brings the total to over $360m of sub-regional assets our team has brokered in the last two months highlighting the trend,” he added.
More to come.
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