Elanor sheds another shopping centre
Elanor Investors Group (ENN) has divested another shopping centre, this time in Queensland.
Northway Plaza, on 2.4 hectares at 29 Queen Street, North Bundaberg, is trading for $18.54 million – a 7.15 per cent net market yield.
The buyer is Brisbane based fund manager, property manager and developer, Powercat Group.
The deal comes three months since we reported ENN sold Manning Mall in New South Wales’ Taree, to Centuria Group.
Both properties were held by the Elanor Property Income Fund which now controls just one asset – Gladstone Square – expected to be sold this year.
ENN ends in the black
ENN paid $14m – an 8.43pc yield – for Northway Plaza in early 2017; it had been rebuilt not long earlier following a flood.
Anchored to Cornetts IGA, owned by Metcash, with 11 specialty stores, the mall contains 4046 square metres, with a weighted average lease expiry by income of six years (story continues below).
Most tenants are on rental agreements with fixed annual reviews of CPI or between 3-4pc.
The property also holds immediate development upside with two pad sites containing a total c5000 sqm able to accommodate, amongst other things, a service station or fast-food restaurant.
JLL’s Jacob Swan and Ned McKendry closed an expressions of interest campaign for ENN in July.
Also mid-last year, ENN sold Hobart’s Glenorchy Plaza for $19.75m – $1.25m more than it outlaid in 2015, and Karratha City in Western Australia’s Pilbarra, co-owned with Vicinity, to Fawkner Property.
Last September, billionaire Paul Lederer invested $74m in ENN’s listed Commercial Property Fund following shareholder backlash.
Powercat meanwhile, established in 2008, holds other retail investments. It is behind industrial, office and essential services product – childcare centres and healthcare too, all in Queensland.
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