Interstate investor buys Northland Homemaker Centre showroom
A piece of the Northland Homemaker Centre, opposite the super-regional Northland, in Melbourne’s north Preston, has sold for $6.125 million.
A New South Wales based investor bought 5/19-33 Murray Road on a 5.76 per cent yield.
Three other suitors contested for the 1078 square metre space, exposed 20 metres to the car park within the U-shaped complex.
The title also contains two car parks intended for staff.
Earlier Settler has just renewed a lease six years with fixed three per cent rent rises.
The agreement also a three month irrevocable bank guarantee, protecting the landlord.
Neighbouring tenants within the large format retail complex include Fantastic Furniture, Freedom, Focus on Furniture, Forty Winks, McDonald’s, Oz Design and Snooze.
Cushman & Wakefield’s Daniel Wolman, George Davies and Raphael Favas were the agents.
The deal comes seven months since GPT sold a half-stake of the 19 hectare Northland shopping centre to Nick Andrianakos, for $385m – well below a ($423.5m) valuation mid-last year.
Vicinity Centres owns the balance of that complex with 97,800 sqm in c275 tenancies and 4640 car parks.
Subscribe to our newsletter at the bottom of this page.
