IFM sells South Tamworth shopping centre
IFM Investors has sold a Coles backed investment in South Tamworth and listed one in Melbourne’s Brighton.
In New South Wales, the asset manager banked $33.4 million for the Southgate Shopping Centre – seized with its buy-out of ISPT’s platform late last year.
Also with an Australia Post and bottle shop, amongst other specialty stores, mall contain 4851 square metres.
The site spreads 8737 sqm.
The buyer is a local investor.
The yield – 5.5 per cent – is the fourth lowest for a non-metropolitan New South Wales shopping centre last year, Colliers agents James Wilson and Ben Wilkinson said. Settlement was December 19.
“The centre benefits from robust population growth and increasing retail demand in one of inland NSW’s fastest-growing regional cities, reinforcing its role as a key daily-needs destination,” Mr Wilson added.
“This result underscores the strength of private and institutional investor appetite for daily-needs retail in catchments featuring strong demographics,” according to the executive.
“Coles Southgate Shopping Centres performance and positioning made it a highly sought-after asset and achieving a benchmark yield off-market speaks to the scarcity of quality neighbourhood centres” (continues below).
Brighton Coles, enormous car park
Also this week, IFM listed the Coles in Melbourne’s Bay St, Brighton – with 197 basement car parks.
With 4360 sqm – including a component for Liquorland – Coles is committed for eight years.
Part of the 380 Degrees building, it sits below about 100 apartments, at the edge of a retail area.
Cushman & Wakefield’s Daniel Wolman, Leon Ma and Oliver Hay with Stonebridge’s Justin Dowers and Kevin Tong are the agents. Sources speculated it should achieve over $50m.
Brighton, 11 kilometres south east of Melbourne, is one of Melbourne’s most exclusive suburbs with a median house price exceeding $3m.
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