Woolworths meets market with leaseback sale
Woolworths’ development arm Fabcot has sold a three year old neighbourhood shopping centre at Bomaderry, on the New South Wales south coast, for $41.85 million – a c$3m drop on expectation when the asset was listed in May.
The result for the 5451 square metre asset on 1.941 hectares at 320 Princes Highway also reflects a 5.43 per cent net passing yield.
Woolworths is the anchor with nine years on an initial lease when it will then be presented with a five year option.
A BWS linked to the store trades at 42pc above the national benchmark.
Near the V-intersection of Cambewarra Road, the property also includes seven specialty tenancies, three rented to essential services groups, trading as a gym, medical centre and pharmacy.
There are 286 car parks too.
Colliers’ James Wilson and Ben Wilkinson represented Fabcot.
The buyer is a local Melbourne investor.
The sale follows a failed marketing campaign by a different agency early last year (story continues below).
Another supermarket deal
The Bomaderry deal comes a week since we reported rival Coles outlaid a bullish $17.2m for a supermarket it occupied in Melbourne’s bayside Hampton.
Again this year, that group outlaid $100m for a collection of properties in that city’s Balaclava.
Fabcot, meanwhile, has also reweighed its property portfolio, last year outlaying c$37m for a collection of commercial properties awaiting rezoning to mixed-use at Oakleigh, in Melbourne’s south east.
It is also seeking a development partner to build a mixed-use complex it will part occupy on an ex-ABC site at Elsternwick.
Outside of Victoria, the group recently purchased two Coles-anchored malls, including last October at Miranda, south of Sydney, at this year at The Entrance, on the Central Coast.
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