Kinglake buys Northern Rivers LFR investment
Two year old Melbourne based retail focused asset manager Kinglake Group has bought another property.
The refurbished bulky goods investment at 36-38 Greenway Drive, Tweed Heads South – the Tweed Coast region’s most trafficked road – set it back $8.75 million, a 5.6 per cent net passing yield.
On 3600 square metres, also exposed to Enterprise Avenue, it contains 23 car parks.
An 1820 sqm improvement is configured as three tenancies.
Clark Rubber is on a lease expiring in 2030 with two five year options.
Weber BBQ is also committed for four more years when it will be presented with one five year option.
Meanwhile The Lighting Superstore is on a rental agreement expiring next year.
It can renew until 2030 (continues below).
36-38 Greenway Drive
The Tweed Heads South property’s interior and exterior was revamped prior to listing; it was marketed as one of the strip’s newest retail developments.
Some 50,000 vehicles pass a day, Stringer Commercial Property’s Peter Antony added.
Neighbours include Amart, Autobarn, Beacon Lighting, Bunnings, Harvey Norman, Repco, Rebel Sport and Snooze, according to the executive.
The deal comes three months since we reported Kinglake sold a Capalaba, Brisbane, retail investment for a major profit after 16 months.
Also last year it bought a bulky goods investment in Melbourne’s Sunbury.
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