This article is from the Australian Property Journal archive
A Safeway anchored neighbourhood shopping centre in Melbourne?s north western suburb of Melton has sold for $16.3 million.
A private company, Coburns Central Pty Ltd has bought the Coburns Central shopping centre in Melton, on a passing initial yield of 6.56% from CPT Manager Ltd.
The $16.3 million deal reflects a rate of $2,778 per sqm for the centre. The centre was sold on a passing income basis with no income guarantees in place.
Located 37 kilometres from Melbourne, the centre has a total GLA of 6,667 sqm and is currently anchored by a Safeway supermarket and includes a Go-Lo discount variety store as well as 15 other specialty tenants.
The centre also has a 800 sqm Safeway Petrol Plus and 343 car spaces on a 20,000 sqm site.
Selling agent, Jones Lang LaSalle’s international director of retail investments Simon Rooney said Coburns Central was highly contested and generated significant enquiry from both private and institutional investors throughout Australia, New Zealand and South East Asia.
“Investors were attracted by the centre’s strong performing supermarket anchor tenant Safeway, let for 30+5×5 years expiring in 2017, relatively low gross ave. specialty rents of $348 per sqm and a highly strategic site location, benefiting from dual major road frontage, in a high population growth corridor in outer metropolitan Melbourne.
“The centre forms part of a major growing retail precinct in Melton, adjoining the QIC owned Woodford Sub-Regional Shopping Centre, which we understand is to undergo a major redevelopment in the short to medium term,” Rooney added.
Other directly comparable sales to Coburns Central Shopping Centre, sold by JLL, which have occurred in the previous 12 months on a national basis include:
|
Centre
|
Sale Price
|
GLA
|
Yield
|
Rate
|
Sale Date
|
|
|
$
|
Sqm
|
% *
|
$ per sqm
|
|
|
Coburns Central, VIC
|
16,300,000
|
6,667
|
6.68
|
2,778
|
Dec-06
|
|
Moonee Beach S.C. NSW
|
31,000,000
|
11,030
|
8.18
|
2,811
|
Dec-06
|
|
Kogarah Town Centre, NSW
|
26,210,000
|
5,153
|
7.71
|
5,086
|
Dec-06
|
|
Everton Plaza, QLD
|
24,000,000
|
7,159
|
6.94
|
3,352
|
Jun-06
|
|
Village Plaza Dee Why, NSW
|
22,500,000
|
4,742
|
6.76
|
4,475
|
Oct-06
|
|
Cessnock Marketplace, NSW
|
10,910,000
|
5,632
|
6.97
|
1,937
|
Jun-06
|
|
Redbank Tavern Plaza, QLD
|
9,866,000
|
2,952
|
6.75
|
3,342
|
Oct-06
|
|
Strathpine Plaza, QLD
|
8,300,000
|
3,459
|
8.04
|
2,400
|
May-06
|
|
Woolworths, Crows Nest, NSW
|
7,240,000
|
1,555
|
4.48
|
4,656
|
Nov-06
|
|
Huntingdale Village, WA
|
4,350,000
|
1,864
|
8.51
|
2,334
|
Jun-06
|
· Fully Leased Initial Yield
Australian Property Journal
