INDUSTRY Superannuation Property Trust has sold a neighbourhood shopping centre located north east of Melbourne for $24.5 million.
The transaction was negotiated by Simon Rooney and Stephen Bolton of Jones Lang LaSalle, on behalf of ISPT Pty Ltd ATF the Industry Superannuation Property Trust No. 1.
A private investor bought the property on an initial fully leased yield of 7.36% and a sale rate of $4,955 per sqm.
Located in St Helena, 21kms north east of Melbourne CBD, the centre comprises 4,944 sqm of GLA and is anchored by a Safeway supermarket, together with 13 specialty tenants and three ATMs.
The centre is securely leased to Safeway supermarket via a 20 + 10 + 10 year lease, with a gross rent of approximately $311/sqm. The average gross specialty rent is approximately $792/sqm.
St Helena Marketplace provides on-site at-grade car parking for approximately 277 vehicles, with an additional 38 (approx.) at-grade spaces provided by the adjoining medical centre.
Rooney said the centre occupies a total site area of 17,950 sqm and features a simple, efficient configuration around an internal mall, with potential for future redevelopment and expansion, subject to council approval.
Australian Property Journal
