Interstate asset managers trade Victorian homemaker centre
Acure Asset Management has sold a regional Victorian large format retail investment after seven and a half years.
Shepparton Home at 290 Benalla Road is collecting $27.55 million – a 6.7 per cent net passing yield.
It paid Brett Blundy’s Aventus $20m.
The incoming owner is Marc Schwartz’s Blackfox Property Group which last year bought the nearby Shepparton Retail Hub.
JLL’s Tom Noonan and Stuart Taylor were the agents.
The deal comes eight months since Acure, which is Perth-based, bought a major office in the Gold Coast’s Varsity Lakes, from Argus Property Partners.
Also late last year Acure picked up its maiden New South Wales investment – a Dubbo hotel leased to Quest.
MAAS Group was that seller.
Last March meanwhile, Acure sold the Brandsmart outlet in Melbourne’s Nunawading, to Chris Lock’s IP Generation, which earlier this month, we reported, was bought by MA Financial.
Unit holders in the closed ended trust which held the Shepparton property will be delivered a c10.5pc internal rate of return after costs and fees.
Regular distribution of 6pc per annum was paid.
The capital value growth is 37.75pc.
Shepparton Home
On 3.04 hectares at the corner of Doyles Rd, zoned Activity Centre 1 with 417 car parks, Shepparton Home contains 13,661 square metres.
Fully leased, Fantastic Furniture, Focus on Furniture, Nick Scali and Provincial Homes are amongst high profile occupiers.
The weighted average lease expiry by income is 4.6 years.
All tenants are on agreements with fixed or CPI-linked rent rises.
Blackfox, which is Sydney based, will be able to claim a 50pc stamp duty concession.
Two months ago meanwhile the group bought one of three bus Perth depots offered with leasebacks on a 5.8pc yield.
In February meanwhile it outlaid $27m for two Toowoomba retail investments – the Centrepoint complex in town, divested by Arcana Capital, led by ex-Queensland premier Campbell Newman, which traded on a 7.4pc yield.
The other property, a LFR centre leased to Fantastic Furniture and All Star Gymnastics, is at North Toowoomba. That price reflected a 7.7pc return.
Blackfox managing director Greg Edemuth said investor support for the Shepparton acquisition has been strong.
“We are actively seeking further high quality opportunities,” according to the executive.
Acure managing director, Angelo Del Borrello, added “the completion of the transaction builds upon our track record of identifying value opportunities and executing on those strategies”.
Aventus has since early 2022 been controlled by HMC Capital’s Home Co Daily Needs REIT.
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