Gibbens divests Newcastle LFR investment
Gibbens Group has trebled its outlay selling a Newcastle Bay large format retail investment after 11 years.
The 1.27 hectare Bayside Centre at 10-16 Medcalf Street, on the south west corner of King, Warners Bay, collected $19.386 million following an expressions of interest campaign closing May.
The result reflects a 5.99 per cent net passing yield.
With 3423 square metres, occupiers include Anytime Fitness, Choices Flooring, Koorong, National Tiles and a Salvation Army store.
Hungry Jack’s occupies a newly restaurant with a dual-lane drive-thru.
Some tenants are on leases expiring, with options, in about 10 years.
Gibbens paid $6.5m in 2014.
It was represented for the sale by CBRE.
Warners Bay is 15 kilometres south west of Newcastle.
Subscribe to our newsletter at the bottom of this page.
