Region buys WA shopping centre
Region Group confirmed a number of major real estate deals as part of reporting yesterday.
Most we know – including the $64.5 million purchase of Kallo Town Centre.
Six neighbourhood shopping centres and a Bunnings were divested too – for a total $227.5m.
The $75m second stage of the Delacombe Town Centre near Ballarat was also completed, in March.
Yesterday the group announced appraisals and that the value of funds it manages more than doubled for the financial year, to $711.5m.
It also bought the Dalyellup Shopping Centre, at Bunbury, about 170 kilometres south of Perth, in a deal exchanged July.
Dalyellup Shopping Centre
Region is buying the Dalyellup property, 54 Tiffany Centre, for $35.8 million – a 6.6 per cent fully let net passing yield, on behalf of the Metro Fund.
The seller was Singapore’s Sim Liam Metro Capital, led by Kuik Ah Han, which bought the complex new from Woolworths in 2015, outlaying $31.6m.
On 2.23 hectares, 450 metres from the Busselton Highway Exchange, it contains 6469 square metres, with 14 specialty stores and 340 car parks.
Achor Woolworths pays 57 per cent of the rent with 10 years left on an initial lease when it will be presented with the first of four 10 year options. Its base rent will also increase every five years.
The catchment – 32,500 – is expected to grow 1.4pc per annum until 2046, triple the state average, according to the marketing agents, Stonebridge’s Philip Gartland, Carl Molony and Justin Dowers with JLL’s Ned McKendry, Jacob Swan and Sam Hatcher.
SLMC retains Australian shopping centres including Shepparton Marketplace and Lara Village in regional Victoria.
Last October we reported it bought a Sydney CBD office for $196.4m.
Dalyellup is 10 kilometres south of Bunbury.
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