Spotlight buys homemaker centre from landlord
EXCLUSIVE
Spotlight Property Group has picked up a prominent large format retail investment its parent part-leases for an Anaconda store.
Home + Life Rutherford, 27 kilometres west of Newcastle, was offered in July by fund manager Tamim Property, which paid $23.2 million in late 2020.
The price this time around is as yet undisclosed but speculated to circle $35m.
Unitholders in the single asset trust which held it will see an 18 per cent internal rate of return.
JLL’s Sebastian Fahey, David Mahood, Sam Hatcher and Nick Willis were the agents. Settlement is scheduled this month.
The deal comes a week since we reported Tamim bought a suburban Melbourne office for $25.12m – a high 10.2 per cent fully let market yield.
SPG meanwhile, amongst many deals, recently completed a homemaker centre in Queensland’s Hervey Bay (story continues below).
Home + Life Rutherford
On 2.9 hectares at 5 Mustang Drive, on the north west corner of Anambah Road, Home + Life Rutherford contains a 12,068 square metre improvement, developed in 2012 and renovated eight years ago.
Ninety eight per cent leased, high profile occupiers include Amart and Nick Scali, along with Anaconda – a Spotlight Group Holdings brand.
Marketed for its development upside – buildings cover 42pc of the block – it is opposite the larger Rutherford Homemaker Centre, once known as the Hunter Supa Centre, held by besieged Sentinel since 2013, with a major tenancy for a Spotlight haberdashery.
Prior to 2010, 5 Mustang Dve was owned by the Royal Newcastle Aero Club.
Rutherford is five kilometres west of Maitland in a municipality of the same name – the fastest growing in regional NSW, presently with some 96,000 residents.
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