Carramar Village shopping centre has been sold to an offshore private investor for $22.75 million.
The sale was negotiated by CBRE’s Andrew Woodley-Page and Peter Agostino, while the buyer was advised by property investment advisors API Hughes.
The centre comprises Woolworths as a long-term anchor tenant, and 14 specialty stores, including Bakers Delight, Priceline Pharmacy and Jetts Fitness.
“We received strong interest in the campaign, particularly from local private investors and syndicators seeking a secure investment, with the centre’s attractive rent review structures providing assured income growth,” Mr Agostino said.
API Hughes managing director Peter Hughes said the sale price reflected an initial yield of 8.06 per cent.
“Carramar Village attracted our interest as a sound investment opportunity for our client as it has a strong trading Woolworths together with the right mix of convenience service orientated specialty tenants,” Mr Hughes said.
“Retail centres are very much on our buying radar as higher yields and lower interest rates make this an ideal time for acquiring strong performing centres.”