02/10/2012 - 12:58

Offshore buyer snaps up Altone Park

02/10/2012 - 12:58

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Offshore buyer snaps up Altone Park

Commercial property agents are expecting a burst of sales activity for suburban shopping centres, after a private Singaporean investor picked up the Altone Park Shopping Centre in Beechboro for $15.9 million.

Colliers International director of retail investment services, Mark Werrett, who brokered the sale, said he expected investors to move to lock down deals on a number of other metropolitan shopping centres.

Mr Werrett said another two centres were currently under contract through Colliers with a combined value of more than $93 million.

“In addition to the two centres under contract, there are a number of other centres in the mix with a combined value in excess of $65 million – and there is a list of buyers waiting for the next opportunity to come to market,” he said.

“This is a sector which is going to see a considerable amount of activity over the next few months.”

The Altone Park centre is fully leased, and is double-anchored by two supermarkets, Woolworths and Supa IGA.

The centre brings in an annual net income of approximately 1.52 million.

Mr Werret said the sales campaign drew strong interest from both local and offshore buyers.

The deal was settled on Friday.

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