Fund manager sheds small Sunshine Coast mall
Westbridge Funds Management has quietly sold a Sunshine Coast IGA-backed retail investment after nine years.
On behalf of the Diversified Property Trust, the group banked $7.2 million for the IGA Maud Street Grocer (pictured, top), on 3247 square metres at 69 Maud Street, Maroochydore.
With 1166 sqm, also tenanted to Pizza Hut and a bottle shop, and 46 car parks, the result reflects a 5.1 per cent net passing yield.
It also demonstrates a capital gain on the $4.675m Perth-based Westbridge outlaid in May, 2016.
JLL’s Ned McKendry and Liam Cox were the agents (story continues below).
The deal comes three months since we reported Westbridge, for the same fund, sold a Truganina, Melbourne, warehouse, for $18m – a rise on the $8.9m it paid in 2017.
Last year meanwhile the trust shed an Altona asset, again in Melbourne, for $30m.
It paid $11.5m for that property, 22 Salta Drive, seven years earlier.
Subscribe to our newsletter at the bottom of this page.
