Real estate agency founder sells Geelong shopping centre
EXCLUSIVE
A consortium including a co-founder of commercial real estate agency Burgess Rawson has sold a neighbourhood Geelong shopping centre.
Bell Post Plaza at 218-222 Anakie Road, Bell Post Hill, collected $20.58 million from a local investor in their maiden retail deal.
Based on the annual rental return – $1.163m according to the agents – the price reflects a 5.65 per cent net passing yield.
Vendor, Merost Pty Ltd, outlaid $5.6m in 2014 then, three years later, refurbished.
Directors in that investment vehicle include Chris Burgess, who co-founded Burgess Rawson in 1975, and his wife, Pamela.
The deal comes a month since we reported Coles Cowes on Phillip Island traded for $23.75m – a 4.66pc yield.
Agency founder quits mall in the black
On 1.14 hectares, Bell Park Plaza contains 4242 square metres – more than a third leased to Aldi.
Cheap as Chips and Cellarbrations occupy two of the six specialty tenancies.
There is also a medical centre and pharmacist.
All tenants are on rental agreements with annual rent rises.
“With strong leases, low specialty rents and limited management overheads, Bell Park Plaza ticked all the boxes for long-term investors,” Burgess Rawson’s Raoul Holderhead, who brokered the sale with Shaun Venables and Zomart He with JLL’s Stuart Taylor, Tom Noonan and MingXuan Li, said.
“Geelong is one of Victoria’s fastest growing regions supported by major infrastructure investment and a strengthening local economy,” according to the executive.
Seven offers came in following the close of an expressions of interest campaign late March, he added.
Bell Post Hill is about seven kilometres north west of Geelong’s CBD.
Agent sell-down
Mr Burgess and the other Burgess Rawson co-founder, Gerald Rawson, sold their interest in Burgess Rawson about 13 years ago, but are still involved in the business.
Mr Venables and Mr Holderhead are amongst the six new owners.
The others are Ingrid Filmer, also chief executive officer, Jamier Perlinger, Adam Thomas and Darren Beehag.
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