Landream divests Upper North Shore mall
Landream has sold the retail component of its five year old Beecroft Place project, north west of Sydney.
The two level, 5474 square metre complex, with 190 car parks, fetched $65 million following a campaign which closed in April.
Based on the fully let return the price reflects a 5.38 per cent yield. The buyer, which settled yesterday, is an unlisted trust.
The deal comes less than a month since SCA Property Group paid Centuria managed Primewest $180m for five neighbourhood shopping centres, in Queensland, South Australia and Western Australia.
Beecroft Place
At 18 Hannah Street, Beecroft, the mall is anchored to Woolworths on a lease expiring in 2037.
As part of the supermarket’s agreement, rent rises annually, but also five per cent every five years, with the next boost due this September.
The asset also contains 27 specialty stores and two kiosks.
Vacancy is three per cent (story continues below).
The Weighted Average Lease Expiry is just under nine years.
According to the marketing agents, Knight Frank’s Graeme Russell and Dominic Ong with Stonebridge’s Carl Molony, Lincoln Blackledge and Philip Gartland, the property still offers depreciation/taxation benefits
The catchment is 32,870 people, they said.
The area’s household income is some 52pc more than the metropolitan Sydney average, they added.
The Beecroft Place mixed-use village contains 130 apartments across four buildings.
More to come.
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