Deals of the Week: 1 December 2017

Deals of the Week: 1 December 2017

1 December 2017

BRISBANE: After being put on the block in August the Commonwealth Superannuation Corporation has sold half of Indooroopilly Shopping Centre to two AMP Capital funds in a deal worth more than $800 million. Indooroopilly Shopping Centre, which was once a Westfield Shopping Centre, was listed by JLL and Colliers who conducted the expressions of interest campaign. The total site area of the centre is approximately 7.8 hectares — The Urban Developer.

MELBOURNE: An ageing neighbourhood shopping centre in Northcote, Victoria, has been sold to an unidentified investor for $34 million. Northcote Central is a 6,657 square metre shopping centre located on the corner of High and Separation streets. The price paid represented a particularly tight yield of 3.47 per cent. Northcote Central is anchored by tenants Aldi, Lincraft and The Reject Shop plus 14 specialty shops. The property was sold by Mark Wizel, Justin Dowers and Kevin Tong from CBRE The Urban Developer.

BRISBANE: Sentinel Property Group has sold a major industrial facility in Brisbane leased to the $7.5 billion listed steel producer BlueScope for a price 60 per cent higher than what it purchased it for in 2011. The entire property, which comprises about 17,000 square metres of warehouse and office space, is leased to BlueScope Distribution, a subsidiary of ASX-listed BlueScope Steel Limited, until 2026. CBRE’s Ed Bull and Peter Turnbull negotiated the sale — The Australian Financial Review

MELBOURNE: The Bloom family, which founded fashion chain Portmans in the 1940s, has raked in $22 million from the sale of two retail strip properties in Melbourne, with eager investors seemingly shrugging off concerns about the future impact of Amazon and online retailing on the bricks-and-mortar sector. In the bigger of the two deals, the family sold the former headquarters of Portmans at 143-151 Bridge Road in Richmond for $14.11 million at auction on a very tight yield of 3.1 per cent – more than $3 million above the reserve. The Bridge Road property was marketed by Rorey James, Mark Wizel, Lewis Tong and Josh Rutman of CBRE. Michael Ryan, James Gregson and Joseph Walton sold the Glenferrie Road property — The Australian Financial Review