Large format retail investment fetches $23m
A two year old large format retail investment south of Perth has sold to a local family office.
Anchored to Officeworks, also with a Red Dot, Guzman Y Gomez and Tribe Early Learning childcare centre, 215 Campbell Road, Canning Vale, cost $22.6 million – a 5.76 per cent net passing yield.
With 3995 square metres, the weighted average lease expiry is 8.61 years.
The 1.23 hectare block, also exposed to Ranford Road, contains 122 car parks.
Another retail sale
Westbridge Funds Management, on behalf of the Unit Trust 2, proposed 215 Campbell Rd, selling the land five years ago.
CBRE’s Beau Coulter, Zomart He, Lachlan Andrew and Chloe Mason with Burgess Rawson’s Rob Selid brokered the latest deal (continues below).
The property was promoted for its straightforward potential to be sold down.
Given the age, they added, the incoming owner would be able to claim tax depreciation benefits too.
Also today we are reporting two quick service retail investments at Lavington, north of Albury, sold for a combined $10.2m – a 4.3pc yield.
Canning Vale is about 20 kilometres from Perth’s CBD.
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