Newmark snares Underwood mall
Newmark has acquired the first non-Bunnings backed investment for its seven month old Property REIT (NPR).
Zone Underwood, south of Brisbane, is setting the group back $57 million.
Vendor, Clarence Property Group, paid $31.25m in 2018 – a deal which reflected a 7.85 per cent yield – to hold in the Westlawn Property Trust.
Following settlement in September, NPR’s portfolio will include nine assets, worth $620.25m, with a 7.1 year Weighted Average Lease Expiry.
It is also fully leased.
Zone Underwood
On 2.815 hectares at 1-17 Compton Road, on the north west corner of Kingston, Zone sits in a growth corridor, nearly 20 kilometres from the CBD.
Completed in 2005, it contains 11,067 square metres across four buildings; Newmark said 80pc of the income is derived from essential service occupiers (story continues below).
Drummond Golf, Fernwood Fitness, Officeworks, Supercheap Auto and Sydney Tools are amongst the highest profile tenants.
The WALE is 6.3 yrs, while vacancy is 1pc.
NPR was formed with seven Bunnings-backed investments from Newmark’s Hardware Trust, including elsewhere in Queensland, at Maroochydore.
The eighth property, like Underwood an LFR investment, but anchored to Bunnings, is the Homeplus Centre on Warrigal Rd, Chadstone, in Melbourne’s south east.
CBRE’s Joe Tynan and Michael Hedger marketed Zone, next door to a Bunnings outlet.
The same agency sold the centre to Clarence.
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