This article is from the Australian Property Journal archive
THE Industry Superannuation Property Trust has completed the purchase of Brisbane’s famed Broadway on the Mall for $62.50 million.
ISPT has been negotiating to buy the retail property from Centa Company since May.
The sale price reflects an initial net passing yield of 6.66% and an initial fully leased yield of 7.85%,
The price reflects a sale rate of $8,459 per sqm.
The four level complex comprises 7,389 sqm of space and is anchored by Harvey Norman until August 2014, which occupies the second floor as well 66 specialty shops with an annual turnover of $28.97 million, down 13.4% from last year.
The property is currently returning a net passing income of $4.16 million pa and has the potential to deliver a fully leased net income of $4.905 million pa. Outgoings total $3.841 million pa.
The complex was sold by Jones Lang LaSalle’s Simon Rooney and Jacob Swan who said a development application has been made to Brisbane City Council for the redevelopment of the property.
The proposal intends to retain and upgrade the retail levels and construct a 44 floor office tower above.
Australian Property Journal
