An investor and developer has paid $20 million for a three year old Craigieburn convenience retail investment and abutting block of land.
The price for the 1.26 hectare property, 264-270 Craigieburn Road, reflects a 3.9 per cent yield.
Only 6215 square metres has been developed – with standalone buildings for 7-Eleven and Red Rooster.
Another structure is fit out with five tenancies.
Six of the occupiers are on leases which would see their rent reviewed annually.
Gross Waddell ICR’s Raoul Salter said a mix of investors and private funds looked in (story continues below).
“The successful purchaser has plans to redevelop the additional land and retain it as a long-term investment,” he added.
The property is close to Craigieburn Junction, which QIC acquired from New York based Prudential Financial for $135m last month.
Between them is Craigieburn Central, on 25ha, which Lendlease temporarily listed for sale last year with c$350m price hopes.
More to come.
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