09/05/2013 - 14:08

Rockingham bulky goods site sells for $14m

09/05/2013 - 14:08

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Palmyra-based Sullivan Property Consultants has picked up a Rockingham bulky goods centre for $14 million.

Rockingham bulky goods site sells for $14m

Palmyra-based Sullivan Property Consultants has picked up a Rockingham bulky goods centre for $14 million.

The centre, Rockingham Superstore, is located at 3-9 Enterprise way and is anchor-tenanted by The Good Guys, Fantastic Furniture and BCF Australia.

The property was marketed by CBRE’s Andrew Woodley-Page and Richard Cash on behalf of vendor KordaMentha.

The site has an estimated fully-leased net income of around $1.8 milion, with the three anchor tenants accounting for 68 per cent of the gross income.

It is also 94 per cent leased.

“This centre presented a unique opportunity to invest in a major bulky goods centre in a prime location, and the new owner recognised this,” Mr Woodley-Page said.

“The buyer was also attracted to the strong tenant covenants, with the majority of the centre leased to national brand retailers.”

Sullivan Property will acquire the asset through a direct property investment syndicate, and is aiming to hold to the site for at least seven years.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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