Shopping centre sells for $33 million

New owners for this 5573sq m shopping centre.
New owners for this 5573sq m shopping centre.

Charter Hall Retail REIT has bought the seven-year-old 5574sq m centre and 3.1ha expansion site.

Jones Lang LaSalle’s sales and investments manager Sean Flynn said the transaction represented an initial yield of 7.8 per cent on the shopping centre component, plus vacant land at $274 per sq m.

Mr Flynn said the centre generated an estimated fully leased net income of about $1.9 million per annum and featured an attractive 10-year overall weighted average lease expiry, including a secure, 13-year remaining initial lease term on the Woolworths supermarket.

‘We anticipated strong interest in this property and were very pleased by the inquiries, with over 100 requests for information resulting in an exceptional 11 formal expressions of interest,’ Mr Flynn said.