Yanchep, Moranbah malls collect c$69m

Yanchep Central opened in 2013.

Two small shopping centres – east and west of the country – have sold in deals worth a total of more than $69 million.

In Perth’s outer north, FRP Capital is paying Yanchep Beach Estates $41m for the eight year old Yanchep Central.

The 6673 sqm complex at 1-2 Peony Boulevard, on the north east corner of Marmion Avenue, forms part of a new community expected to accommodate c150,000 residents.

Woolworths is the anchor; McDonald’s and Subway are other occupiers.

The sale price reflects a 6.64 per cent yield.

The property includes four hectares for future development.

FRP, which also trades as Red Wealth, manages the $80.1m Diversified Essential Services Fund – which only invests on neighbourhood shopping centres.

Last February the group paid Charter Hall $16.1m for Carnavon Central, about 900 km north of the Western Australia capital.

Nine months ago it acquired another Perth retail property – the 5353 sqm Caramar Village, which cost $33.5m from Arthur Marshall’s Canute Global Investments (story continues below).

Moranbah Fair Shopping Centre was listed 15 months ago.

Moranbah Fair sells for high yield

Meanwhile about 1050 km north west of Brisbane, Moranbah Fair Shopping Centre is speculated to be trading to Sentinel Property Group for over $28m.

Elanor Retail Property Fund, managed by the ASX-listed Elanor Investors Group, listed the asset 15 months ago.

On 1.68 hectares, 12-14 Saint Francis Drive, Moranbah, contains 7052 sqm and 195 car parks.

Coles is the anchor. KFC, NAB and Priceline are amongst the other tenants.

Based on the estimated net annual income, the deal, which JLL is understood to be behind, was struck at a high 8.6pc yield. The AFR reported both transactions.

The sales come a week after a regional Victorian asset, the Armstrong Creek Town Centre, near Geelong, traded to Home Co Daily Needs REIT for $55.6m.

That price, negotiated by Colliers’ Tim McIntosh and Mike Crittenden, reflects a circa-six pc return.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco