HMC sheds growth corridor retail investment
HMC Capital, on behalf of the HomeCo Daily Needs REIT, has sold a large format retail investment at Vineyard – part of a north west Sydney growth corridor.
McGraths Hill Home is trading to Perth based Stirling Property Funds for $55 million – book value at June 30.
It was appraised last December at $57m – $800,000 less than the worth in mid-2022, according to the manager.
“The acquisition…was well supported by our clients, who continue to be attracted to investment opportunities within the LFR sector,” Stirling head of Property, Scott Girard, said.
The outlay, he added, is “well below replacement cost”.
With the deal, seven LFR investments have traded in New South Wales this year for a total of nearly $300m, according to CBRE marketing agent, James Douglas, who represented HMC off-market.
McGraths Hill Home
On 3.78 hectares on the south west corner of Windsor Road and Groves Avenue, Vineyard, Stirling’s latest asset contains 16,478 square metres (story continues below).
Fully leased, Bunnings, BCF and Harvey Norman are amongst the highest profile occupiers.
The catchment – c169,000 is expected to grow c4.6pc per annum – over the Sydney average – to reach c338,000 by 2041.
Household income is c22pc over the national benchmark, Mr Douglas said.
“This drives significant annual LFR spending of $499.2m with forecast growth of 5.9pc pa to reach $1.5 billion by 2041,” he added.
McGraths Hill Home is 51 kilometres from town.
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