This article is from the Australian Property Journal archive
ISPT has sold the Fairfield Forum sub regional shopping centre to Harrington Property Group for $32 million on a passing yield of 9.43%.
The transaction was negotiated by Simon Rooney and Luke Harris of Jones Lang LaSalle.
Rooney said investors are becoming more confident in the retail outlook and are now looking to secure positions in assets which will deliver growth through the next cycle.
He added that assets with development potential have been particularly sought after.
“We are seeing investors emerge right across the risk spectrum in the sub regional sector. While interest has been predominantly for core-quality sub regional assets, we are starting to see some private investors and syndicate buyers emerge to access high yielding core-plus and opportunistic style assets,” he continued.
Fairfield Forum, which has a gross lettable area (GLA) of approximately 17,954 sqm located 24 km from the Sydney CBD, features a number of large retailers including Coles and Kmart as well as 40 specialty stores, five kiosks, five ATMs and a Medical Centre.
Property Review
