Region acquires maiden ACT mall
Region Group, formerly known as SCA Property Group, has quietly purchased its first Canberra shopping centre.
The deal for Cooleman Court at Weston Creek is worth $74 million – a 5.5 per cent initial yield, rising to about 5.8pc if the complex was fully leased.
The result is also a touch over the June 30, 2023, director’s value ($73m).
Mirvac was the seller, it bought the neighbourhood mall in 2009.
With 10,412 square metres, it is anchored to Woolworths (with 2867 sqm) and Aldi (1548 sqm) – both on agreements expiring in 2031.
Also with two mini-majors and about 40 specialty stores, the asset’s weighted average lease expiry is 4.2 years.
There are 497 car parks too (story continues below).
Finally in the ACT
Region owns just over 100 assets worth a total of more than $4.5 billion.
Cooleman Court, about nine kilometres south west of town, is near the Molonglo Valley growth corridor where residential development has been high in recent years.
JLL’s Sam Hatcher and Nick Willis brokered the off-market deal for Mirvac.
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