This article is from the Australian Property Journal archive
THE City of Casey has offloaded its Casey Lifestyle Centre and 1-9 Regency Drive landholding for a combined $28.55 million.
Action Realty Australia purchased the assets, both located in Narre Warren, following a marketing campaign by JLL’s Stuart Taylor and Stephen Bolton.
The 43,720sqm Casey Lifestyle Centre site was bought for $19.775 million on a 2.27% initial yield, with a net passing income for $448,961 per annum. The sale price reflected a land rate of $452 per sqm.
The large-format retail centre has frontages to Princes Highway and Narre Warren North Road, and has a gross lettable area of 18,070sqm with key tenants including JB Hi-Fi, Forty Winks and Anaconda.
The 20,170sqm 1-9 Regency Drive development site, adjoining the Lifestyle Centre, was purchased for $8.775 million, on a land rate of $435 per sqm.
It is was sold with vacant possession, with several building and portables totalling 1,670sqm on the site.
Australian Property Journal
