Cbus sells strata-titled shopping centre
Cbus Property has sold the two year old strata titled Langston Village, at Epping, in Sydney’s north west.
The Melbourne-based developer and investor is speculated to be reaping over $19 million, reflecting a circa-six per cent yield, from a local private investor.
With 2254 square metres, the complex is anchored to Mint Fresh IGA – on a lease expiring in 2044 with options.
Also with eight food and service based specialty tenants and a gym, the weighted average lease expiry by area is just over five years (four per cent is vacant).
The neighbourhood shopping centre forms part of Langston Epping, with 462 dwellings in three towers.
The suburb is 16 kilometres from town.
Earlier this week, ASIC announced it was taking Cbus Super to court for failing to timely process over 10,000 death and disability claims (story continues below).
Langston Village
JLL marketed Langston Village, at 12-22 Langston Place, via an expressions of interest campaign closing August 1; David Mahood, Sebastian Fahey, Nick Willis and MingXuan Li were the brokers.
Eighty four per cent of the specialty income is subject to leases with fixed annual rent reviews of at least 4pc, Mr Mahood said.
That average gross rent ($842 per sqm) is also 21pc below benchmark, he added.
“Of the 57 national neighbourhood transactions that have occurred since 2023, nearly 80pc have been acquired by private investors, with 35 of these being acquired on a passing yield of six per cent or less,” according to the executive.
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