Max Beck-backed fund buys shopping centre
A group led by property veteran and developer Max Beck has backed the first broadly offered acquisition by Wizel Invest, buying a Woolworths-anchored shopping centre in Melbourne’s outer south-east.
Berwick Marketplace on 6528 square metres at 6-8 Lyall Road, on the north-east corner of Wilson Street, also exposed to Peel St, in the town’s centre, cost $26.115 million.
The vendor, a Melbourne-based private investor, acquired the asset from Woolworths’ development arm, Fabcot, for $12.85m in 1999.
The on-sale price reflects a 6.23 per cent net passing yield.
Wizel Invest is led by former CBRE national directors Lewis Tong and Mark Wizel.
The deal was funded by private investors and family offices, with the capital raising 52pc oversubscribed when it closed on August 5.
Berwick Marketplace
Berwick Marketplace contains 4647 square metres anchored by a Woolworths, which is on a 10-year lease with three 10-year options (continues below).
The supermarket and a BWS occupy 75pc (3496 sqm) of the centre.
There are also four specialty stores, two kiosks and c670 sqm of commercial suites.
Wizel Invest associate and investor relations head Jun Tan said “our interest in Berwick was purely driven by the real estate, the quality of the supermarket income and our assessment of the price relative to comparable neighbourhood shopping centre transactions”.
Ryder Commercial’s George Harris and Mark Ryder with Savills’ Steven Lerche and Stephen Bolton were the agents.
Berwick, part of the Pakenham growth corridor, is about 40 kilometres from the CBD.
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