QIC buys strata titled Sydney mall
QIC has purchased a strata titled retail investment, part of The Albany apartment complex, at Crows Nest.
Over two levels, with 5294 square metres anchored to Coles, with a Liquorland, three specialty stores, a childcare centre and car wash, it returns annual rent of $2.4 million.
Also with 206 car parks, the $44 million purchase price reflects a 5.5 per cent fully let market yield.
The vendor, a North American investor, bought the asset off-the-plan in 2018 from The Albany’s developer, Payce, for $45m – a five per cent market return.
Stonebridge’s Carl Molony, Kevin Tong and Philip Gartland brokered the on sale.
The deal comes three weeks since we reported Revelop bought St Leonards’ two year old Mall 88 – also forming the ground floor of an apartment complex, anchored to Coles and Liquorland.
It contains 7714 sqm with 20 specialty stores and 358 car parks.
Mid last year Revelop also acquired the strata titled retail component of Hurstville’s East Quarter Village, for $30m, a six per cent yield.
Wingdom Group picked up a 9976 sqm strata titled, supermarket anchored shopping centre at about that time too: part of an apartment complex at Dee Why, it cost $30m from ISPT, a 7.3pc fully let market return (continues below).
101-110 Willoughby Road
The Albany Crows Nest, as it is known, at 101-110 Willoughby Road, is the first investment for QIC since a capitalisation, with support of new and existing investors.
“Re-entering the market with a clear investment mandate allows us to target stabilised high performing assets that are embedded in the daily lives of their communities,” QIC Core Plus fund manager, Charles Occhino, said.
“The Albany Crows Nest fits squarely within that profile as an exceptionally well-located centre with a non-discretionary anchor tenant, secure cash flows, a rapidly growing catchment and clear opportunities to drive long-term value,” he added.
Crows Nest is about five kilometres north of Sydney’s CBD.
The Albany contains 67 apartments.
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