Victorian snares high yielding regional investment
A near-new homemaker centre 130 kilometres south west of Brisbane sold six months after hitting the market for a yield approaching seven per cent.
The Warwick Home & Life – with 2865 square metres and 63 car parks (Google Street View image, top) – fetched $11.8 million from a Victorian investor.
Anytime Fitness, BCF, Café 63, Doctors & Co, Petbarn are the occupiers.
The Cunningham Highway site, also known as 74-80 (or just 76) Albion Street and passed by some 3.5 million vehicles a year, spreads 6048 sqm.
The holding also has Oak Avenue access.
High yield, long WALE, depreciation
Completed last July, Warwick Home & Life collected net yearly income of c$780,000 when it was listed.
The weighted average lease expiry is nine years (story continues below).
The improvements also offer years of depreciation benefits.
The deal comes a month since we reported MPG Funds Management paid $10.5m for the Bunnings Young outlet – a speculated 5.5pc yield and a discount on the $11m the vendor paid in 2021.
Considered Australia’s cherry picking capital, that region is about 375km south west of Sydney and 160km north west of Canberra.
Last October meanwhile, De Luca Corporation sold a Sydney investor the new Robina Central, on the Gold Coast, for $34m a 5.01pc net return.
Not long earlier, Hamill Group founders Daniel and Kylee Burke snapped up Poinciana Place, in Noosa Heads, for $17.5m – a 5.49pc yield – with refurbishment plans.
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