This article is from the Australian Property Journal archive
THE ISPT Retail Property Trust has sold the Firle Plaza, an Adelaide suburban shopping for $37.75 million, following a strongly contested expressions of interest campaign.
The property was acquired by a private investor and the sale price reflects a fully leased market yield of 7.45%, an initial yield of 6.71% and a sale rate of $3,110 per sqm.
The transaction was negotiated by Jones Lang LaSalle’s Simon Rooney.
According to the Rooney, the centre is underpinned by a strong food, service and convenience based retail offer.
Firle Plaza is anchored by a Kmart discount department store and Coles supermarket, together with 23 fully leased specialty shops and four ATMs, providing a total gross lettable area of approximately 12,140 sqm.
The property also has a car park for 692 cars.
Strategically positioned along the major thoroughfare of Glynburn Road, in the suburb of Firle, the centre is located approximately 6kms north-east of the Adelaide CBD.
Rooney said the Centre is situated on a prominent and well exposed 41,664 sqm site, with three street frontages and multiple ingress/egress points, providing excellent local and regional accessibility.
“Firle Plaza is ideally placed to capitalise on the benefits of this population increase, given it is one of the only two sub-regional shopping centres servicing the eastern region of Adelaide,” he concluded.
This shopping centre sale is the latest sale for ISPT which is continuing to divest noncore assets. Recently, the trust sold the Shoreline Shopping Centre in Tasmania to a private investor syndicate for $18.5 million.
Australian Property Journal
