HMC Capital sells two Queensland HomeCo assets
HMC Capital has settled the sale of HomeCo Bundall on the Gold Coast for $41.5 million.
The 1.65 hectare site includes over 12,000 square metres leased to eight tenants including Carpet Call, Nick Scali, and DeRucci Kitchen Warehouse. There are also 328 car parks.
The transaction was first mooted in August.
But the purchaser wasn’t – this is the Gold Coast based Hutchins family, owner of Asco International and London Revel, also commercial real estate developers, with projects including a Molendinar business park.
Bundall is 2.5 kilometres south west of Surfers Paradise.
HomeCo North Lakes
HMC has also settled the sale of HomeCo North Lakes for $52m.
The deal for the 3.99-hectare holding with 11,845 sqm in 10 tenancies, mooted earlier this year, reflected a yield of just over 6pc (continues below).
The manager, on behalf of the Daily Needs REIT (HDN), acquired the property in 2022 for $39.4m.
The buyer is Centennial – its maiden large-format retail investment.
North Lakes is 26 km north of Brisbane’s CBD.
The sales were confirmed this week as part of HDN reporting. JLL’s Nick Willis, Sam Hatcher and Ned McKendry were the agents.
Separately, HMC, for the Capital Retail Partnership, last year acquired Plumpton Marketplace west of Sydney from Woolworths for $180m.
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