This article is from the Australian Property Journal archive
CHARTER Hall-managed Charter Hall Direct Consumer Staples Fund has added another Bunnings to its portfolio, acquiring a three-level retail complex in Perth’s Claremont for $35 million.
Bunnings accounts for 93% of the 5,460 sqm at 303 Stirling Hwy, with a lease running until 2027 plus options. The complex has also has undercover parking for 318 cars.
Charter Hall direct chief executive officer, Steven Bennett said the high quality Bunnings covenant now comprises 37% of the fund’s portfolio by value.
“We continue to curate a diversified portfolio of commercial properties in DCSF that are well-located, leased to strong tenant covenants on long-term leases with secure and growing income.”
Across the Charter Hall platform, more than $1.9 billion has been invested in 48 Bunnings Warehouse assets.
The Claremont property is on a prominent corner location with extensive frontage to the Stirling Hwy and is strategically located in a land constrained, core location adjacent to Claremont Town Centre, with no direct competition providing an ideal long-term facility for Bunnings.
The property was acquired off-market.
DCSF’s $153 million portfolio comprises nine fully occupied commercial properties diversified across sectors, with a weighted average lease expiry of 7.1 years.
The fund is currently open for investment for retail, high net worth and self managed super fund investors.
“Investors are attracted to the high quality tenant covenants and the Fund’s current distribution yield of 6.9% per annum and the monthly distributions paid to investors,” Bennett said.
