This article is from the Australian Property Journal archive
WESTERN Australian property group Westbridge Funds Management has diversified a fund portfolio with the $20.25 million acquisition of a Dan Murphy’s-anchored retail complex in south east Perth.
The Southern River complex at 1-7 Holmes Street is fully leased to 11 tenants across its 3,038 sqm of building area, with a weighted average lease expiry of 8.54 years. It includes Brooklands Tavern and a single-level retail and commercial building on 10,744 sqm of land, directly adjacent to a freestanding Aldi and opposite a Woolworths.
The property is anchored by the Australian Leisure and Hospitality Group, a wholly owned subsidiary of ASX-listed Endeavour Group, underpinning 62% of the net income. Additional separate retail buildings are tenanted to high-profile brands including Baskin-Robbins, Crust Pizza and LJ Hooker.
The acquisition is the third asset for Westbridge’s Diversified Fund No.4, bringing a strategic retail offering to the fund’s portfolio. The fund is currently distributing 7.0% per annum.
Westbridge Diversified Fund No.4’s additional holdings include a recently refurbished office and warehouse facility leased to Blackwoods on a 23,177 sqm site Canning Vale that it purchased earlier this year for $16.21 million, and a 8,275 sqm logistics facility on a 14,381 sqm site in Melbourne’s Broadmeadows, leased to Holman Industries and with which it seeded the trust.
“The purchase of the Southern River site is a key strategic step for Westbridge Diversified Fund No.4, which is designed to provide regular income to investors, while targeting assets that have the potential for capital growth,” Damian Collins, chairman of Westbridge Funds Management said.
“The Diversified Fund No.4 is well-placed to achieve its mandate through three high-quality assets spread across very different sectors and locations, giving investors the benefit of true diversity.
“We know from investor feedback that regular income flow is particularly appealing at a time when equity markets are experiencing high volatility, and cash savings continue to offer interest rates below the cost of living increases.”
