This article is from the Australian Property Journal archive
HOT on the heels of the acquisition of Campus DXC in Adelaide, Elanor Investors Group has paid $43.75 million for the Belconnen Markets site in Canberra from the Efkarpidis family, with plans to redevelop the 30,000 sqm site into a mixed-use precinct.
The acquisition comes at a passing yield of 6.85% and includes the adjacent 6,077 sqm car park and vacant development land of 4,818 sqm, zoned mixed-use and with approval for 170 units.
The Efkarpidis family has owned the site for 25 years.
Elanor will place the asset in its newly established Belconnen Markets Syndicate fund.
The Belconnen Fresh Food Markets opened in 1978 and underwent redevelopments in 1996, 2002, 2007 and 2012. Set on a 30,000 sqm site, it covers almost 18,900 sqm and includes 38 non-discretionary retailers, including First Choice Liquor, Pet Barn and fresh food traders.
The property is located in nine kilometres from Parliament House, and neighbours Bunnings Warehouse, Westfield Belconnen and high-density residential developments.
Elanor’s CEO Glenn Willis said the Belconnen Town Centre Master Plan, endorsed by the ACT Government in September 2016, permits the Belconnen Markets site to be redeveloped into a mixed-use precinct of retail, office and residential accommodation.
The group’s co-head of real estate, Michael Baliva, said Belconnen Fresh Food Markets is a unique retail asset generating stable cash flows.
“The combined site and strategic location of the Belconnen Markets will provide Belconnen Markets Syndicate investors with a significant opportunity for capital growth from the redevelopment of the site,” he said.
The acquisition takes Elanor’s portfolio of owned and managed assets to more than $1.1 billion. Settlement of the Belconnen Markets site is expected in May.
Earlier this month, Elanor acquired the 1.237-hectare Campus DXC office building site in Adelaide’s Felixstow for $35 million. It has a two-level office building of 6,288 sqm, leased to global tech group DXC Technology Company until August 2025 with two five-year options.
Australian Property Journal
