Harrington picks up Greenacre Shopping Centre from ISPT for $26.5 million
ISPT has sold a neighbourhood retail investment in Sydney’s south west for $26.5 million.
The Greenacre Shopping Centre, which the vendor described as non core, is trading on a 5.8 per cent passing yield.
The buyer is Sydney-based Harrington Property Group.
About 17 kilometres from the city at 13-19 Boronia Road, Greenacre, the modern 4733 square metre complex on a 7500 sqm plot is 91 per cent leased by area to Coles and Liquorland.
Coles is forecast to pay percentage rent at the end of this lease year given its low turnover threshold.
For Harrington, this will coincide with an increased base rent.
Coles’ lease agreement at Greenacre is for an initial 15 year term.
However it contains numerous multiple five and 10 year renewal options.
Colliers International’s James Wilson and Alex James-Elliott marketed the complex via an expressions of interest campaign which closed on November 21.
Announcing the deal this month, the agents said that while there was a 38 per cent increase in retail investment sales last year, compared to 2018 – the overall value of the deals in New South Wales dropped by 11 per cent (to $995,953,000).
