Woolworths sells shopping centre with leaseback
Woolworths’ development arm Fabcot has sold a four year old shopping centre 25 kilometres south of Cairns’ CBD.
Gubuda-Gordonvale collected $25.45 million – a 5.5 per cent net passing yield – from an interstate private investor speculated to be in the caravan park sector.
With 3880 square metres, the supermarket occupies 85 per cent.
That component is subject to an initial lease expiring 2032 before options.
There are also five specialty stores, one occupied by Domino’s.
On 2.06 hectares at 124 Fisher Road, also known as 71177 Bruce Highway, abutting a new KFC and McDonald’s, which is under construction, there are also 243 car parks.
With the deal, Fabcot has sold down its Gordonvale town centre holding including the parcel which made way for the fast food restaurants. A quick service retail site traded too.
Gubuda-Gordonvale
The Gordonvale town centre precinct abuts a 300-lot land lease community.
Almost a third of inquiry was from first time investors, CBRE’s Michael Hedger, who sold 124 Fisher St with Joe Tynan and Danny Betros, said (continues below).
“This is the first neighbourhood shopping centre this buyer,” he added
“[It represents] excellent value with replacement costs far exceeding the asset value, underpinning future growth and restrictive barriers of entry,” according to the executive.
The deal two months since we reported Fabcot bought a town centre site in Melbourne’s west Rockbank North.
That outlay was $22.5m ex-GST.
The seller was former Wyndham councillor Intaj Khan.
Also last year in Melbourne Fabcot was permitted to replace Footscray’s ex-501 Receptions site with a mall Woolworths would anchor.
Earlier this month meanwhile we reported Coles bought an outgoing Leo’s supermarket, in Glen Iris, to occupy.
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