This article is from the Australian Property Journal archive
CASHED up private investors have snapped up three commercial property assets owned by Mirvac Real Estate Investment Trust, for $77.6 million.
MRZ has sold two Queensland retail properties, the Mt Sheridan Plaza for $26.3 million (before costs) and the Alexandra Hills Shopping Centre for $40.0 million (before costs) as well as an industrial asset at 90 Ashford Avenue, Milperra, New South Wales for $11.3 million (before costs).
Located in Cairns, Mt Sheridan Plaza is a single level, neighbourhood centre offering 7,650 sqm of lettable area with development approval to expand to a sub-regional centre of approximately 24,000 sqm whilst Alexandra Hills is located in Brisbane. The single level, neighbourhood centre has a total area of 12,344 sqm. Settlement is expected on April 06.
MRZ has sold a cross dock industrial facility at the 90 Ashford Avenue, in the south western Sydney precinct of Milperra. The property is located on a 2.02 ha site leased to Cope Sensitive Transport.
MRZ’s director Garry Wilcox said the transactions show interest remains strong in the private investor market.
“The proceeds from the three asset sales will be used to reduce debt,” he concluded.
MRZ’s pro-forma Net Tangible Assets at December 31 2008 is expected to be $1.00 per unit.
Australian Property Journal
