RAM sheds Hunter Valley mall
Real Asset Management has offloaded another regional shopping centre acquired in a portfolio from Sentinel in 2017.
Tanilba Bay Shopping Centre, 40 kilometres north of Newcastle, in the Hunter region, is trading for $23 million – about book value last December.
On 1.39 hectares with 201 car parks it contains 3841 square metres over a floor, anchored to Coles, which pays a percentage rent, presently contributing to 56pc of the income.
Along with eight specialty stores – two rented to Terry White Chemmart Pharmacy and Domino’s Pizza – the weighted average lease expiry is 7.23 years.
“The centre further benefits from its prominent exposure to the main arterial road traversing north-east and south-west along the Tilligerry Peninsula,” JLL’s David Mahood, Sam Hatcher, Nick Willis and Sebastian Fahey, who brokered the off-market deal, said.
The buyer is a maiden retail private investor (story continues below).
In the black following sales, valuation
For the ASX-listed Essential Services Property Fund, RAM acquired the Tanilba Bay asset, 67 Beatty Boulevard, as part of a $44.5m portfolio also with Rutherford Shopping Centre and Gunnedah Shopping Centre.
Two years ago the fund manager divested the Gunnedah asset – also anchored to Coles – for $20.25m.
The Rutherford property is on its books valued at $24.35m as at June 30.
Subscribe to our newsletter at the bottom of this page.
