HMC Capital – the new name for Home Consortium, or HomeCo – has settled on another near-new Armstrong Creek investment from Wel.Co.
The 1.1 hectare convenience retail asset – the second stage of the Armstrong Creek Town Centre, on the Surf Coast Highway – traded last September for $21.5 million reflecting a five per cent core capitalisation rate.
It will be held in the HomeCo Daily Needs REIT, alongside the first stage of the project, a Coles-anchored mall on 2.1ha which HMC acquired from Wel.Co for $55.4m last April.
Elsewhere in Armstrong Creek, five months ago, Oreana Property Group outlaid $7m for a 1.28a large format retail development site opposite the Warralily Shopping Centre.
Site at the centre of a growth corridor
Completed last November, HMC’s latest Armstrong Creek asset contains 2903 square metres of buildings covering 27pc of the site.
Fully leased, a third of the income is derived from Dan Murphy’s, Hungry Jack’s and KFC.
There are also three customer car parks (story continues below).
“The property is prominently positioned at the gateway to the Armstrong Creek Town Centre…with more than 24,000 cars passing daily,” Mr McIntosh said.
It services a main population area of 66,000, he added.
HMC invests again in Armstrong Creek
Armstrong Creek sits an equal distance – 10 kilometres – between Geelong and Torquay.
“We are strong advocates of Armstrong Creek and the rapid population growth the area continues to experience,” HomeCo Daily Needs REIT fund portfolio manager, Paul Doherty, said.
Following the completion of the Dan Murphy anchored asset, Wel.Co, directed by Andrew Welsh, has more than 10 stages to deliver as part of the Armstrong Creek Town Centre precinct.
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