Bulky goods centre sold for $57.8m
You can purchase access to this special report or subscribe to Business News.
Subscribe to Business News.
Retail property syndicator APiL has added to its Perth portfolio, buying bulky goods precinct Joondalup Gate for $57.8 million.
Former CBRE director Andrew Woodley-Page, who is set to join Knight Frank Australia, brokered the deal on behalf of the vendor, private property syndicate Joondalup Gate Pty Ltd, which first ran a campaign to sell the property in October 2015.
The sale price achieved an initial yield of 7.87 per cent, and an internal rate of return of 9 per cent.
Joondalup Gate comprises 24,533 square metres of large format retail, across seven buildings incorporating 32 tenancies, which are 89 per cent leased with a weighted remaining lease term of 3.93 years.
Major tenants include Dan Murphy's, BCF, Ray's Outdoors and Freedom Furniture, the site also includes a Coles Express service station and a Geowash car wash, and the land area totals 64,115sqm.
It is Western Australia's’s 19th-largest shopping centre, according to the BNiQ Book of Lists.
APiL remains the state’s 11th-largest shopping centre owner, ranked by total square metres of retail space, just behind Stockland at ninth, which owns around 69,000sqm of retail space in its shopping centres.
Joondalup Gate becomes the largest asset in the Peter Hughes-controlled APiL's portfolio, which also includes the Floreat Forum Shopping Centre, West Leederville Shopping Centre and Carine Glades Shopping Centre.
APiL also owns a suite of commercial office assets, including Sheffield House, 30 The Esplanade and 50 Kings Park Road.