Industry Superannuation Property Trust can expect to bank more than $80 million from the sale of a major shopping centre in Melbourne’s north.
Campbellfield Plaza, about 14 kilometres from the the CBD, includes an 18,000 centre built in 1983, which ISPT acquired in 1995 and redeveloped in 2004.
Leased to more than 20 retailers, including anchor occupants Coles, Aldi, Officeworks and Kmart (the latter which operates for 24 hours at the site) – the asset, with 822 at-grade car parks, returns annual rent of about $4.64 million.
The shopping centre (pictured, top) spreads across a 5.9 hectare site at the busy corner of Hume Highway and Mahoneys Road, a major employment precinct in the municipality. Vacant tracts of the site could make way for commercial buildings.
“The campaign is expected to attract interest from a range of domestic and offshore institutional and high-net worth private investors,” the brokers said.
“Small sub-regional shopping centres which are largely food, service and convenience based remain highly sought after given the limited reliance on discretionary sales,” Mr Rooney added. “Campbellfield Plaza is also unique in that it offers a higher than average majors to speciality ratio when compared to sub-regionals that have come to the market in recent years.”
More than 70 per cent of the asset’s income is derived from the anchor tenants.
The listing comes a week after another shopping centre, Burwood One, in Melbourne’s east, became under offer. About 16 kilometres from the CBD, this asset, speculated to be worth about $200 million, was coincidentally the site of Australia’s first K-Mart which opened there in 1969.