This article is from the Australian Property Journal archive
HONG Kong-based Real Asset Management is acquiring the Ballina Central shopping centre on north coast of New South Wales for around $45 million.
Alceon and CP Retail are the vendors and may realize a 50% gain on the centre’s value after purchasing it for about $30 million from Mirvac in 2011.
The centre is on a 4.46-hectare site anchored by Big W and Supa IGA, and also comprises two mini-majors and 20 specialty tenants, and 605 parking spaces.
Fully leased the centre returns around $3.4 million per annum, and it has a weighted average lease expiry of 8.6 years.
Australian Property Journal