MAB Sells NewQuay Shops, Docklands

MAB Corporation has sold two retail investments at its NewQuay precinct of Docklands for a total of $3.875 million.

The biggest premises at 24 NewQuay Promenade measures 427 square metres (about the size of four standard shops) and is leased to Metro Real Estate which pays a current rent of $255,000 per annum.

On that basis the $3.55 million sale price reflects a yield of 7.2 per cent.

A second and much smaller retail premises at 7 Caravel Lane sold for $325,000 and on a yield of 6.3 per cent.

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MAB Corp to Sell Prominent Docklands Restaurant

ONE of Dockland’s distinctive “waterfront pod” restaurants will be sold.

MAB Corporation is selling the glass two-storey building currently trading as the Berth restaurant and bar, with a street address of 45 New Quay Promenade, in the New Quay precinct of Docklands.

Berth currently pays $360,430 per annum to occupy the restaurant, and is committed to a five year lease, with three further options, giving it a wide berth to stay until 2030.

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