Westbridge reweighs portfolio with Brisbane, Perth deals
Westbridge Funds Management has reweighed its portfolio with two deals.
In the biggest transaction, the group is banking $19.3 million for the Midland Central Shopping Centre, 17 kilometres north east of the CBD.
Dan Murphy’s, IGA and Optimal Pharmacy anchor the asset with 1891 square metres at 293-295 Great Eastern Highway .
Westbridge paid $12.3m in 2012, to hold in a single asset fund, the Midland Central Property Trust.
It later undertook some improvements, including a new façade for the chemist.
It also reset the IGA lease 10 years, increasing the weighted average lease expiry to 5.4 years by income.
Cygnet West’s Wayne Lawrence and Tim Scott were the agents.
Returns
The Midland Central Shopping Centre result reflects a 6.4 per cent net passing yield.
“We are extremely pleased with the result which marks a 56.5pc increase on the asset’s initial purchase price,” Westbridge chair, Damian Collins, said (story continues below).
“Together with stronger than forecast income distributions across the life of the fund, this has enabled us to deliver a total return to our investors of 204pc net of their initial investment,” he added.
Average annual distribution was 11.7pc.
Brisbane refrigerated logistics facility
Meanwhile Westbridge is paying $6.17m for a Lytton, Brisbane, refrigerated logistics facility.
On 2440 sqm, 160 Benjamin Place, with 1530 sqm, including a two level office, is leased to Sunshine Seafoods which has occupied for over a decade.
It will be held in the Westbridge Total Return Fund, which has a c$100m mandate.
Lytton is its second property – the other is the Hampstead Hotel and First Choice Liquor store in Adelaide’s Collinswood, acquired from Coles Group earlier this year.
Blue Commercial’s Gary O’Shea marketed 160 Benjamin Pl.
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