BABCOCK & Brown Japan Property Trust has bought an interest in Tsudanuma, a multi-tenant retail property located in Greater Tokyo for a purchase price of ¥1.96 billion ($A19.8 million).
The property has been purchased at a discount of 13% on the independent valuation of ¥2.26 billion.
The initial net operating income yield to purchase price is 4.03%, reflecting a current occupancy level by income of 68.5%. The property has an estimated stabilised NOI yield of 6.09%, assuming a notional 5% market vacancy.
The property comprises a six storey retail building completed in February 1976 with a total net rentable area of 1,885 sqm and 32 car spaces.
The retail building is currently occupied by four tenants on standard cancellable leases. Two of the tenants, Jonathon’s and Monteroza, are established restaurant operators with outlets across
The property is located in the middle of a busy retail area in front of Tsudanuma station on the JR Sobu line, a major commuter line running through
Australian Property Journal
