Mirvac has sold the Cherrybrook Village shopping centre, in Sydney’s north west.
The price – $132.8 million – reflects a fully let yield of five per cent.
Singapore based Sim Lian – Metro Capital is believed to be the buyer.
On Tuesday, we reported Mirvac outlaid $70m on a low density housing block in Melbourne’s Clyde North.
A fortnight ago the group paid JW Land c$40m for an apartment site, in that city’s inner north Brunswick.
Also last month, in partnership with M&G Real Estate, the company spent $575m for a half share of the EY Centre, in Sydney’s CBD.
In June, Mirvac sold Lendlease a portfolio of three east coast industrial investments for $161m.
On three hectares at 41-47 Shepherds Drive, Cherrybrook Village was developed in 1989 and extended in 2004.
Mirvac acquired it in 2009.
It contains 9764 square metres of gross lettable area anchored by Woolworths and Martelli’s Fruit Market.
There are also 55 specialty stores and 441 car parks.
Occupancy is at 98 per cent; almost two thirds of the retailers have rented for more than 15 years.
The Weighted Average Lease Expiry is four years (story continues below).
In 2017, Mirvac won approval but didn’t proceed with plans to extend Cherrybrook Village by a floor, allowing for an Aldi supermarket, gym and medical centre.
Instead, the year later, it undertook a renovation and significantly remixed the tenancy profile.
The deal to Sim Lian – Metro Capital reflects a 43pc premium to the June, 2020 book value ($93m).
“Funds from the sale will be redeployed into our retail portfolio comprising carefully curated urban centres that benefit from catchments with high population growth and offer future development potential,” Mirvac head of Commercial Property, Campbell Hanan, said.
Retail back in fashion
Yesterday we reported Ganellen acquired Brisbane’s Kallangur Fair for $22.45m – a price reflecting a 5.9pc passing yield.
Last week Con Makris – South Australia’s richest man – sold Hallett Cove shopping centre for $71m – a 6.8pc return.
A fortnight ago, Yuhu Property Group is speculated to have offloaded Sydney’s Eastwood Mall for $155m.
That property came permit-ready for an extension including 409 apartments in two towers.
Also this quarter:
- SCA paid $34.34m for Toowomba’s Drayton Central; its third Queensland shopping centre acquisition this year;
- IOOF snapped up a new Sydney homemaker centre for $68m;
- Altis offloaded the Lakehaven Homemaker Centre, between Sydney and Newcastle, for $46m;
- Haben Property Fund and JY Property Group spent $225.018m on Casey Central, in Melbourne’s south east.
- HomeCo outlaid $160m for Brisbane’s Town Centre Victoria Point.
McVay Real Estate’s Sam McVay and Stonebridge Property Group’s Carl Molony marketed Cherrybrook Village.
Subscribe to our newsletter at the bottom of this page.