Lake Macquarie mall sold after extension
A Lake Macquarie shopping centre has sold after being extended across the road.
Wyee Village East and West collected a speculated $14.8 million following an expressions of interest campaign that closed in November.
The result reflects a 5.72 per cent net passing yield; it is 97pc occupied. The buyer is a first time retail investor.
Wyee is about 65 kilometres south west of Newcastle and 110 km north of Sydney.
Wyee Village East & West
Covering 7573 square metres zoned E1 Local Centre between 121-135 Wyee Road, on two sides of Jilliby Street, the Wyee investment is anchored by IGA on a lease expiring 2032 or 2039 with options.
Also with a Chemsave, medical centre, Australia Post, dentist, Domino’s and Ice Box Liquor, there is 2676 sqm of lettable area.
The weighted average lease expiry by income is 4.3 years.
All tenants are subject to annual rent reviews.
There are also 77 car parks (continues below).
Growth play
Richard Owens bought Wyee Village East in 2014 – at the time it spread 781 sqm with eight tenancies in an L-shape.
The site spread 2514 sqm block.
There were also only 30 car parks.
In 2018, he applied to extend onto six sites he acquired west of Jilliby St.
The move coincided with the state government announcing it would increase the area’s sewerage capacity for thousands of proposed new homes.
Lake Macquarie is considered a growth corridor, with population forecast to increase 3.3pc per annum each year until 2031, the marketing agents, Stonebridge Property Group’s Alexander James-Elliott and Philip Gartland with Knight Frank Central Coast’s Ty Blanch, said.
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