Westbridge buys maiden NSW asset
Perth-based fund manager Westbridge has made its maiden New South Wales investment – a neighbourhood shopping centre at North Tamworth.
Northgate Village at 1 Piper Street was divested by Region Group which bought it new nine years ago.
It paid Armada Funds Management $14.8 million.
The asset was listed for sale mid-last year.
Westbridge is outlaying $18.3m – the current book value (last June however, it was valued at $21.2m, assuming a 5.75 per cent capitalisation rate).
JLL’s Sebastian Fahey, Sam Hatcher and David Mahood were the agents.
The deal comes two months since Region, formerly SCA Property Group, acquired its first ACT shopping centre for $74m (story continues below).
Renovation planned
On 1.3 hectares also facing Peel and Marius streets, Northgate Village contains 4125 square metres, anchored to Coles.
With 13 specialty stores and a kiosk too, the weighted average lease expiry is just over seven years. There are some 215 car parks too.
Following settlement, Westbridge will control assets worth a total c$960m, also in South Australia, Victoria and its home state.
“In addition to these strong income prospects and purchasing well below replacement cost, we see the opportunity to add value to the centre which, together with strong fundamentals for the neighbourhood retail sector offer potential for future capital growth,” Westbridge head of Capital Transactions, Simon Worth, said.
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