Commercial and residential property news
WOOLWORTHS has launched a campaign to sell 31 Australian shopping centres and three development sites.
Most of the centres are anchored by Woolworths, as service stations, supermarkets, Big W, BWS and Dan Murphy liquor outlets.
Twenty of the assets have been developed already. Another 11 are under construction and three are blocks of land with permits and Woolworth related lease agreements in place.
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THE hugely successful Direct Factory Outlets property portfolio looks likely to be heading overseas, with British Based Pradera Asset Management reportedly the frontrunner to buy the assets.
It’s believed the group will pay more than $1.2 billion for DFO’s eight centres.
DFO is owned by Austexx, a company directed by Melbourne businessman David Goldberger and David Weiland, which develops and owns commercial and to a lesser extent residential property assets.
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AUSTRALIAN Unity is understood to have made about $20 million from the sale of its Footscray Plaza complex, at a busy intersection, in the burgeoning western suburb.
Private development company Banco Group, headed by Mario Lo Guidice, confirmed he purchased the 13,968 square metre plaza, at the busy corner of Paisley and Albert streets.
Coles and K-Mart are the two biggest tenants in the centre, occupying about 84 per cent of Gross Lettable Area.
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PACIFIC BRANDS has offloaded a prominent development site it planned to owner occupier in Melbourne’s north.
The 222 Plenty Road site, at the busy corner of the Metropolitan Ring Road, in Bundoora, is believed to have sold to another owner-occupier for about $3 million, or about $365 per square metre of land.
Colliers International’s David Butera did the deal but declined to comment on any part, when contacted by Capital Gain.
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ORIGIN Energy has sold a portfolio of five Victorian retail properties for $10.05 million.
The ASX listed company said that after a review of its retail market presence, the shops – which the company has owned since the 1960s – were surplus to its needs.
In Melbourne, Origin offloaded a shop and office in Bentleigh’s Centre Road shopping strip for $3.8 million, while in Oakleigh, a shop in Portman Street sold for $2.675 million, at a low 2.5 per cent yield. At 452 Sydney Road in Coburg, a former Origin shop now occupied by the Salvation Army, sold for $1.35 million.
Read moreDEVELOPER Vicland is selling a portfolio of eight shops, which form the entire ground floor retail area of a nearly complete Docklands apartment building.
Vicland can expect to make almost $10 million from the sales, at 838 Bourke Streets, and beneath 138-apartments at Lend Lease’s Merchant building in Victoria Harbour.
TAIWANESE investors have paid $13.75 million for Point Cook’s Board Walk Shopping Centre, about 28 kilometres west of town.
The 3,490 square metre centre, under construction at 48 – 56 Tom Roberts Road, is anchored by a 1,902 square metre IGA supermarket, and includes 13 specialty shops.
Based on the building’s annual net income of $1.02 million, the Board Walk sold on a low yield of 7.4 per cent.
The GPT Group has paid $206.3 million for a one sixth interest in the massive Highpoint Shopping Centre, and adjacent Maribyrnong Homemaker Centre in Melbourne’s north-west.
Following a $1.7 billion equity raising in May, GPT will pay private Melbourne investors the Besen family $197.5 million for its interest in the centre, reflecting a very low 6 per cent capitalisation. Another $8.8 million is attributed to interest.
Read moreTHE Minogue family continues to reweight its substantial property portfolio.
Ron and Carol Minogue, the parents of pop princesses Danielle and Kylie, and cameraman Brendan, are understood to have made close to $2.5 million from the sale of two adjoining shops with redevelopment potential in Canterbury’s charming Maling Road retail strip.
The shops are leased to boutique homewares and furniture retailer Maison on Maling, and gourmet deli Wilson & Walsh Specialty Provenders – which between them pay an annual rent of almost $100,000. Based on the speculated purchase price, the shops sold on a low 4 per cent yield.
WESTPAC Funds Management Limited has reaped $10.4 million from the sale of six retail assets it put to the market earlier this year.
The most expensive property sold was in the south-eastern suburb of Springvale, where a Hungry Jacks leased restaurant at 19 – 21 Springvale Road sold for $2.3 million, on a yield of 5.75 per cent. A Hungry Jacks restaurant at the busy corner of Hume Highway and Camp Road sold for $2.2 million, on a yield of 6.04 per cent.
