This article is from the Australian Property Journal archive
SCA Property Group has snapped up Wonthaggi Plaza for $45.4 million and at the same time recorded an increase in the value of its portfolio of $108.1 million to $2.064.4 million in the six months to December.
Overall the total portfolio capitalisation rate compressed by 21 bps to 7.28% at December 2015 from 7.49% at June 2015.
The portfolio recorded Australian properties valuation gain of $37.8 million and New Zealand properties valuation increased by $16.0m (NZ$17.9m).
Meanwhile acquisitions added $115.2 million, being Griffin Plaza ($23.0m), Marian ($32.0m), Northgate ($14.8m) and Wonthaggi ($45.4m), which was partially offset by the divestment of the five SURF 1 non-core properties reduced total valuation by $60.9m.
Meanwhile in an off-market transaction, SCA has acquired Wonthaggi Plaza from Polaris Property.
Located 135km south-east of Melbourne, Wonthaggi Plaza is an enclosed shopping centre with total GLA of 11,965.5 sqm with 350 car parking spaces.
The acquisition price of $45.4m implies an initial passing yield of 6.49% and a fully-leased yield of 7.12%.
The centre is managed by Savills’ Michael Di Carlos and Jock Thomson.
The centre is currently anchored by a Coles supermarket and a Target discount department store which together represent 49% of total centre income, has a WALE of 9.3 years and occupancy of 96.4%.
Polaris Property has provided a two-year rental guarantee over vacant specialties.
Australian Property Journal
