Fund managers trade Coles-anchored shopping centre
Westbridge has picked up a north Brisbane shopping centre for an estimated $55 million.
The fund manager is now seeking to raise $33m.
The Robinson Road Marketplace at 605 Robinson Road West, Aspley, was bought from Re-Grow Retail Property Trust.
Westbridge disclosed an acquisition rate of $4825 per square metre implying a price of about $55.1 million based on the centre’s 11,429 sqm of lettable area.
The price reflected an initial yield of 8.01 per cent, it added.
JLL’s Jacob Swan and Ned McKendry were the agents.
The deal comes six weeks since realestatesource.com.au reported Westbridge paid Dexus $43m for a Noosaville medical centre.
In September the manager outlaid $38.5m for an ex-Amcor printing facility in Melbourne.
Centennial was that seller.
Robinson Road Marketplace
On 1.94 hectares, Robinson Road Marketplace contains more than 40 tenancies, anchored by Coles and T-Bones Fresh Food Market, which together occupy 4856 sqm.
Other high-profile businesses include BWS, Chemist Warehouse, Club Lime, Family Doctor and Milestones Early Learning (continues below).
A 150-place childcare centre occupies a separate site at the rear.
The asset was 92pc occupied by area (a two-year rental guarantee covers this), with a weighted average lease expiry of 4.03 years by income.
Aspley is about 12 kilometres from the CBD.
Diversified income
Westbridge said 73pc of Robinson Road Marketplace’s income comes from non-discretionary occupiers.
Coles has extended its lease to 2038.
The centre also contains a first-floor medical and allied health precinct, with tenants including general practitioners, dentists, physiotherapists and other health operators.
Westbridge plans to increase income through leasing vacant space, reconfiguring medical suites and improving the tenancy mix.
The single-asset fund which will hold it has a five-year target investment term, with targeted annual distributions of 7.25pc and an internal rate of return above 14pc.
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