This article is from the Australian Property Journal archive
SCONE Village, a Coles anchored neighbourhood shopping centre in the Hunter Region of New South Wales has been sold by receivers PPB Advisory for $11 million on a 8.49% yield.
The property was sold by Stonebridge Property Group`s Philip Gartland and Carl Molony in conjunction with Knight Frank`s Ben Stewart, Andrew Palmer and Ross Cooper.
The buyer was Scone Village Food Emporium Unit Trust.
The centre comprises GLA of 4,190 sqm and comprises a full line Coles supermarket, 12 specialties and one ATM, returning a net passing income of $933,810 with the potential to deliver a fully leased net income of $1,087,996, bringing the yield to 9.88%.
The agents also sold the nearby Muswellbrook Fair centre to Tipalea Partners for $19.7 million. The 8,917 sqm centre comprises a full line Coles supermarket, Harvey Norman, two mini majors, 17 specialties and one ATM with 261 on grade car parking spaces. The current net passing income is $1,688,057 and fully leased net income is $1,705,942.
In addition, the centre was sold with an adjoining 3,452 sqm site, which offers development potential. The land component accounted for $400,000 of the $19.7 million sale price.
Australian Property Journal
