Woolworths has sold a new Roxburgh Park shopping centre for $27.7 million.
The price for Woolworths Greenvale Lakes at 200-230 James Mirams Drive, on the north west corner of Lombard Street, reflects a 3.95 per cent net passing yield.
On 1.42 hectares abutting a McDonald’s and convenience retail development site, the asset contains 185 car parks.
The vendor occupies the bulk of the 3403 square metre space on a 10 year lease; there are also two specialty stores rented to Terry White Chemist and Zet & Zaatar Bakery.
The deal comes a week since QIC paid $135m for the two year old Craigieburn Junction homemaker centre, about five kilometres north of Roxburgh Park.
Woolworths Greenvale Lakes
“The transaction demonstrates the continued positive sentiment around retail investments which are anchored by strong covenants, especially supermarkets,” Mr Dowers said (story continues below).
“The yield for these supermarket anchored investments continues to compress, with the recorded yield [for Roxburgh Park] being one of the sharpest seen in a metropolitan Melbourne shopping centre in the past three years,” according to the executive.
“Investors have transparency over trading performance and the planning framework in Victoria minimises replication…which is dissimilar to industrial assets,” he added of the retail sector.
Mr Tong said Woolworths Greenvale Lakes is the only metropolitan shopping centre offered so far in 2021.
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