GOLD Coast based property group First State Group has settled on the sale of a shopping centre investment in Hoppers Crossing, 25kms west of the Melbourne CBD, to a private investor for $33 million.
The sale reflects a fully leased initial yield of 9.18%, a passing initial yield of 8.06% and a sale rate of $2,397 per sqm.
The sale of the Wyndham Village was negotiated by Jones Lang LaSalle’s Simon Rooney who said, it was a strongly contested expressions of interest campaign.
Recently completed in August 2005, the one level neighbourhood shopping complex comprises 13,770 sqm of Gross Lettable Area with at-grade parking for approximately 747 cars. The property sits on a 47,550 sqm site.
The centre is anchored by a Coles and ALDI supermarkets as well as 46 specialty tenancies.
Australian Property Journal
