Region banks $18m from Victorian mall
Region Property Group has turned a profit selling the Warrnambool Shopping Centre – until recently known as the Target Centre – after three years.
The ASX listed giant, formerly known as SCA Property Group, is banking $17.9 million in a deal to settle within six weeks.
It paid $12.8m in late 2021 – a much more buoyant time in commercial real estate with interest rates at record lows and expected to stay that way.
The disposal comes two months since Region offloaded the area’s East Warrnambool Shopping Centre for $18.5m – a 8.5 per cent premium to book value.
Warrnambool Shopping Centre
On 7089 square metres zoned Commercial 1 at 154 Koroit Street, the Warrnambool asset contains 265 car parks.
With 7012 sqm of lettable area, Target still anchors (story continues below).
There are also 11 specialty stores tenanted to, amongst others, a bakery, chemist and medical centre.
According to Region while it held the asset, the main trade area comprises 40,321 people.
The average household income meanwhile is just over $92,000.
JLL’s Stuart Taylor and Tom Noonan were the agents.
Also this month, we reported Region picked up the Kallo Town Centre, in Melbourne’s north, from Oreana for $64.5m. Stonebridge Property Group’s Justin Dowers and Kevin Tong brokered that deal.
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