Greenpool Capital has purchased its third major retail asset in 17 months, teaming with Savills Investment Management for the Forest Lakes Shopping Centre, at Thornlie, south east of Perth.
Offering significant development upside, on 6.6 hectares, the complex is costing the partners $81.5 million, reflecting a circa six per cent net passing yield.
Fully rented, the price demonstrates a c6.5pc return.
The vendor was DHL Investments, an interest of Don Russell Homes’ founders, which was represented by CBRE’s Simon Rooney and James Douglas.
Greenpool is Perth-based.
Greenpool goes national
Last November, Greenpool, in partnership with Qualitas, acquired Gold Coast’s Runaway Bay shopping centre – paying $260m in separate deals to Perron Group and Vicinity Centres which each owned a half share (the latter also divested management rights).
The yield on both transactions was 6.5pc.
The price was an 18pc premium to book value.
Meanwhile, earlier last year, Greenpool, again backed by Qualitas, outlaid $50m – a 6.75pc return – for the North Adelaide Village.
Con Makris was that seller (story continues below).
Only Perth mall with a supermarket trifecta
At 101 Forest Lakes Drive, at the corner of Murdoch Road, near the Roe Highway, Forest Lakes Shopping Centre is occupied by Aldi, Coles and Woolworths – Perth’s only triple supermarket anchored mall.
With 14,577 square metres of gross lettable area, there are also 42 tenants, including for kiosks, pad sites and over 30 specialty stores.
The Weighted Average Lease Expiry is eight years.
There are over 1000 car parks too.
“The centre occupies a prominent and land rich site…including additional sundry retail permissible zoned land to facilitate various value-add initiatives,’ Mr Douglas said.
“The supermarkets are exceptional performers contributing in excess of $100m in sales and are complemented by a relatively low provision of specialty shops, performing above industry benchmarks,” he added.
Thornlie is 15 kilometres from the CBD.
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