This article is from the Australian Property Journal archive
A SUPERMARKET-anchored shopping centre at Midland, 16km north-east of the Perth CBD has sold for $12.3 million by Stonebridge Property Group and Burgess Rawson.
The sale price represented a yield of 8.5%.
Located at 293 Great Eastern Highway, the property comprises three stand alone buildings with a total GLA of 3,220 sqm as well as 132 spaces car park on a 7,993 sqm site.
The retail centre is currently leased to Dan Murphy’s, Super IGA supermarket and Guardian Pharmacy with a long weighted average lease expiry of 10.8 years.
The three tenancies generate a net Income of $1,048,000 p.a.
The property was sold to a private investor by Stonebridge Property Group’s Jonathan Fox and Philip Garland and Burgess Rawson’s Dean Venturato and Rob Selid on behalf of Abacus Property Group and Metcash.
Property Review
