This article is from the Australian Property Journal archive
MULPHA Australia has settled on the $120 million acquisition of the Norwest Marketown neighbourhood shopping centre in Sydney.
Mulpha acquired the site in December last year, beating over 20 offers from major domestic and offshore investors/developers.
The sale price reflects a yield of 5.26% and rate of $10,442 per sqm.
The 11,492 sqm centre is anchored by a Coles Supermarket, 45 specialty stores, two ATMs, three Kiosks, plus four pad sites and parking for 524 cars, set on a 4.4ha site.
The fully leased net income is $6,311,671 p.a.
Stonebridge Property Group negotiated the sale. Carl Molony said the sale represents the strongest result for a prime neighbourhood centre in recent years, with the property selling two months after it was on the market in October.
Australian Property Journal
