This article is from the Australian Property Journal archive
CHARTER Hall Retail REIT has bought the Centro Albany Creek shopping centre in Brisbane for $40.1 million at an initial yield of approximately 8.75% from the Centro MCS 8 syndicate.
CEO Steven Sewell said the property will add to the trust’s growing presence in suburban areas.
“Charter Hall Retail REIT continues to deliver on its strategy to concentrate its portfolio on Australian quality supermarket anchored shopping centres,” he added.
Built in 1988, Centro Albany comprises 10,238 sqm of space and is anchored by a Coles supermarket, on a 15 year lease as well as 34 speciality retailers and 539 spaces car park. The property is located approximately 15km north of Brisbane’s CBD.
The centre has above average occupancy of 99.2% with annual specialty rental reviews averaging 4.6% and a weighted average lease expiry of 9.7 years.
The acquisition will be funded from funds recycled from offshore sales and a new tranche of the existing debt facility with National Australia Bank.
Australian Property Journal