Chris Lock has sold Torquay Village after two and a half years for a $10 million premium.
The buyer, a company backed by Malaysian siblings Raymond and Roger Chiin Yew, is paying $50m – a c5.75 per cent yield – for the mall with development upside at 41-57 Bristol Road, on the south west corner of Payne Street, a block from the town centre.
With 6779 square metres, Coles is the anchor on a lease agreement with turnover rent triggers.
There are also 14 specialty stores – contributing to a weighted average lease expiry of 7.6 years by area and 8.2 yrs by income – and 260 car parks.
Fitzroys’ Paul Burns brokered the off-market deal.
Mr Lock bought the asset on a five per cent return in May, 2021, settling that November.
That seller, private investor David Feldman, banked a capital gain too, paying Coles $35m in December, 2017.
Torquay is part of the Surf Coast shire, the country’s seventh fastest growing municipality for population growth (story continues below).
Onto bigger things
The off market Torquay Village deal comes a year since Mr Lock divested the town’s ex-Quiksilver headquarters for $40.06m – a significant rise on the c$15m it paid in 2018 before renovating and re-letting.
IP Generation has been investing in larger, land rich assets in other regions expecting high population growth amongst them Craigieburn Central, in Melbourne’s north, which cost c$300m in April, and a half stake in Westfield Helensvale on the Gold Coast ($185m in April, 2022).
The Chin Yeews, children of late Quality Concrete Holdings Bhd executive and Lee Ling Group of Companies chairman, Data Tiang Ming Sing, hold other Australian commercial real estate investments.
They will reap a 50pc stamp duty saving at Torquay Village with a Victorian government incentive introduced in December, 2020, still active.
Also today, we are reporting HMC Capital sold the HomeCo Box Hill complex in Melbourne’s east for $67.5m.
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