FRP, Baron Vanilla snare malls
FRP Capital has snapped up a small shopping centre at Cooma – 105 kilometres south of Canberra – following an off-market deal.
The Adelaide fund manager is paying $13.5 million for Centennial Plaza (pictured, top), on 6099 square metres at 128 Snowy Mountain Highway, diagonally adjacent to the town’s Avenue of Flags.
Completed in 2008, and with 4395 sqm of area, the asset is the only mall in the Monaro region anchored to Coles, which rents 57 per cent (2500 sqm) of the space.
The Commonwealth Bank, Jeanswest, Millers, NRMA and The Reject Shop are amongst the other high profile tenants.
There is also 535 sqm of A-grade offices on a second storey.
The price reflects a 6.46 per cent net passing yield.
Savills’ Andrew Palmer and Steven Lerche were the agents.
Cooma is marketed as the gateway to the Snowy Mountains.
FRP shops for shops again
The Centennial Plaza deal comes six weeks since FRP paid Charter Hall and Telstra Super $85m for the Brickworks Marketplace, in Adelaide’s inner west Torrensvale.
Eighteen months ago the same buyer outlaid $41m for Yanchep Central, in Perth’s outer north.
In 2020, again in Western Australia, the group picked up Carnavon Central for $16.1m.
That seller was Charter Hall too (story continues below).
FRP also owns Perth’s Carramar Village after paying Arthur Marshall’s Canute Global Investments $33.5m nearly three years ago.
Drovers Marketplace fetches $26m
Meanwhile, another fund manager, Baron Vanilla, has outlaid $26m for the Drovers Marketplace at Wanneroo, about 25km north of Perth.
The 1.64ha mall with 343 car parks at 1387 Wanneroo Road was offered by local developer Ray Jackson.
With 16,388 sqm of lettable area, Dan Murphy’s and Pet City are amongst the anchors.
The asset also includes a child care centre, indoor swim school and, in the basement, a self-storage tenancy.
Ray White’s Michael Milne and Brett Wilkin brokered the off-market sale; the price reflects a 7.7pc yield – expected to rise 30 basis points by settlement.
Perth based Baron Vanilla is led by Miles Ashton.
“Baron Vanilla selected the property due to its high exposure location positioned on the major intersection of high traffic volume Wanneroo Road and Joondalup Drive and the diverse tenancy mix providing income security and strong income generation,” he said.
“Add to this the significant land holding of almost three hectares, 100pc occupancy and the long Weighed Average Lease Expiry of 7.5 years, this syndicated was filled within a matter of days,” according to the executive.
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