Sydney based Intergen Property Group has acquired the Centrepoint Tamworth Shopping Centre from vendor Andrew Richardson for $38.5 million on a 7.5 percent yield in an off-market transaction.
According to Savills Associate Director Retail Investments, Andrew Palmer, who introduced the buyer, the centre comprises the 400 seat Capital Theatre, Forum 6 Cinemas, an Aldi supermarket, JB Hi-Fi and 27 specialty shops.
The shopping centre was developed by the vendor, well-known Sydney property identity Andrew Richardson in 2008 and covers 9,200 square metres of leased area and 330 undercover car spaces.
The sale of the centre is among a number of retail centre transactions involving Savills in the last 12 months including Maitland Hunter Mall which sold to a private investor for $22.25 million on a passing yield of 6.65 percent in October, the Target-anchored Goulburn Central Shopping Centre which sold to a private investor for $16.7 million in an off-market sale in December and the Coles-anchored Tenterfield Shopping Centre which sold for $11.1 million in October.
Mr Palmer and Mr Lerche are currently marketing Muswellbrook Marketplace – a Woolworths and Big W anchored sub-regional retail centre located in the Upper Hunter Region.
Boasting the single largest landholding in the regional city’s CBD, the 72-78 Brook Street, sub-regional mall comprises 12,838 square metres of building area on 1.65 hectares of land and provides undercover parking for some 426 cars.
Mr Palmer said the centre would be sold by Expressions of Interest closing Wednesday, 8 March 2017 with an estimated fully leased net annual income of $2.985 million.
Content Courtesy: Savills