IOOF is spending $68 million for the one month old Great Western Centre in Sydney’s west Minchinbury.
The 10,770 square metre bulky goods and retail investment at the south west corner of the Great Western Highway and Carlisle Avenue includes 27 retail tenancies – a small portion which is for lease – a childcare centre, gym and car wash.
Autobarn, BCF, Petbarn, SuperCheap Auto and Total Tools are amongst the major occupiers.
The 3.2 hectare site also includes a dining precinct built around a piazza and 322 car parks.
Brenex, led by father and son Frank and Anthony Carioti, was the builder and the family is a co-vendor.
Low yield, long leases
Excluding incentives, the return is 5.8pc.
The asset’s average lease duration is nine years.
Earlier this week Altis banked $46.25m selling the Lake Haven Homemaker Centre at Charmhaven, between Sydney and Newcastle, to Metro Diversified Property Fund.
Harvey Norman has snapped up two assets of this type this year – Watergardens Homeplace in Melbourne’s west Taylors Lakes, which cost $97m from QIC Property Fund and QIC Shopping Centre Fund, and, in Western Australia, the Geraldton Homemaker Centre, from Sentinel Property Group ($28.25m).
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