Primewest spends $35m on Qld centre

Property syndicator Primewest has added to its retail portfolio, buying a homemaker centre in Brisbane for $34.75 million.

The deal for the 12,806 square metre Homestyle Homemaker Centre in Brisbane’s Morayfield represented a yield of 7.75 per cent.

Total annual net income for the centre is around $2.7 million.

Colliers International national director of investment services, Stewart Gilchrist, brokered the transaction off-market on behalf of vendor Sanctuary Properties, a Queensland-based retail developer.

Mr Gilchrist said Primewest was attracted by a strong tenancy mix, including the Good Guys, Super Amart, BCF and Pillow Talk.