GPT takes hit selling Melbourne mall stake
Petroleum entrepreneur and property investor, Nick Andrianakos, has swooped on another shopping centre stake – this time from The GPT Group.
The half share in Melbourne’s Northland is setting the executive back $385 million.
Expectations were c$425m – in line with the independent valuation prior to it being listed August ($423.5m) which assumed a 5.88 per cent capitalisation rate.
GPT paid the Canada Pension Plan Investment Board $496m in 2014 for the Wholesale Shopping Centre Fund.
Vicinity Centres holds the balance and is asset manager.
GPT suffers hit
Developed in 1966 by Myer, Northland covers 19.04 hectares at Preston, at the Heidelberg West border.
Following several extensions, there is 97,800 square metres of lettable area configured as 275 tenancies. Myer is the anchor, with an 18,500 sqm store, followed by Target (6890 sqm), Hoyts (6530 sqm) and Kmart (6500 sqm). There are 4000 sqm-plus Coles and Woolworths supermarkets too and an Aldi (of 1500 sqm).
Occupancy is a high 99.4pc.
There are also 4640 car parks (story continues below).
GPT was represented by CBRE’s Simon Rooney and Colliers’ Lachlan MacGillivray.
Nikos backs retail again
Mr Andrianakos established Milemaker Petroleum in 1976 and reaped $95m from the sell-down of 46 service stations to Caltex in 2017.
Via his Nikos Property Group, he has also been a major commercial real estate investor for decades.
The Northland deal comes three months the executive paid Vicinity $170m – a c7.5pc capitalisation rate – for a half-stake in Adelaide’s Elizabeth City Centre.
In 2023 meanwhile, the executive paid the same seller $134.5m for a 50pc interest in Broadmeadows Central, less than 10km from Northland.
Three years ago, Perron Group sold Mr Andrianakos half of the Colonnades – the country’s fourth biggest mall by land area, covering 35.8ha south west of Adelaide.
Coincidentally, Vicinity holds the balance of that mall and is manager too.
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