This article is from the Australian Property Journal archive
THE Industry Superannuation Property Trust has paid $58.2 million for the Perth City Central shopping centre from Centro Retail Australia.
The sale is inline with CRF’s $1 billion asset sale strategy.
The asset is jointly owned by the Centro MCS 28 syndicate and a CRF-managed fund. MCS 28 still owns a 50% stake in Centro Bankstown in NSW.
The sale price represents a big discount for CRF and MCS 28, which bought it from Westralia Property Trust in December 2006 for $71.3 million.
Located at 166-170 Murray St, City Central adjoins the David Jones Perth shopping centre, which was sold in 2010 for $114.5 million.
The five-storey office and retail property comprises 13,169 sqm of GLA and 50% of income is derived from Woolworths, BHP, Fitness First, Dick Smith and Crazy Clarks. Recently BHP signed a new 10-year lease for office space.
There is also a basement level car park for 27 vehicles. The property is exempt from NABERS.
The estimated fully leased net income is approximately $5.833 million.
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