This article is from the Australian Property Journal archive
MIRVAC REIT has sold a Woolworths supermarket anchored neighbourhood shopping centre in Conder, ACT for $21.4 million.
Jones Lang LaSalle’s Simon Rooney and Luke Harris sold the property to Terracomm Pty Ltd.
Rooney said the sale reflects an initial passing yield of 7.99%, an initial fully leased yield of 8.75% and a sale rate of $3,920 per sqm.
Known as the Lanyon Marketplace, the centre is securely anchored by a Woolworths supermarket on a 20 year lease with a 10 year option.
The centre also has 18 specialty tenancies, three ATMs comprising a total gross lettable area of 5,458.5 sqm and is currently 96% occupied. The average gross specialty rent is approximately $722 per sqm.
Lanyon has ample parking for 301 vehicles.
Rooney said the Centre is situated in the suburb of Conder, a southern suburb of the District of Tuggeranong, being approximately 20kms south of the Canberra CBD.
According to Mirvac, Conder is a comparatively young Canberra suburb, with the average age of the population being 30 compared to the Australian average of 37 with over 96% of the population over 15 gainfully employed.
Australian Property Journal
