HMC sells homemaker centre after four years
Accord Property, created nine years ago by developer and Harmony Group founder Joe Walker with valuer and ex-Aspen executive, Lachy Hogarth, has swooped on a homemaker centre in Adelaide’s north.
HomeCo Parafield on Main North Road (pictured, top) is setting the local fund manager back $28.5 million – a little over the $27.3m seller HMC Capital paid the Cromwell managed Direct Property Fund in November, 2020.
The result is also more than book value, a representative for the vendor said.
The deal comes two months since HMC, for the Daily Needs REIT, paid Centuria $60m for West Ryde Marketplace – since rebranded HomeCo West Ryde Marketplace – in Sydney’s west.
The manager also recently outlaid $78.4m for a mall at Kellyville, about 20 kilometres west of West Ryde.
HomeCo Parafield
On 3.7 hectares in a non-residential suburb 12km from town, HomeCo Parafield contains 456 car parks.
With 15,571 square metres, Officeworks is the anchor.
Fully leased, the weighted average lease expiry is 3.7 years (story continues below).
“The acquisition of the HomeCo Parafield Centre illustrates well our opportunistic approach to identifying value for our investors,” Accord managing director Mr Hogarth said.
“The centre provides an attractive mix of income and value growth potential based on strong underlying fundamentals, while also benefiting from compelling tailwinds we observe in the large format sector,” he added.
The sale comes two months since Precept Property Partners, in its first retail outlay, picked up New South Wales’ Bathurst Homemaker Centre for $31.5m.
Coincidentally, those sellers, Argus and Kaipara bought that asset from HMC in 2021 for $16.95m before renovating.
Last June meanwhile IOOF paid Troon Group and MaxCap Group just over $50m for the Chirnside Lifestyle Centre in Melbourne’s east.
Stonebridge’s Justin Dowers, Kevin Tong and Philip Gartland were the agents.
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