A Perth based syndicate has capitalised on ongoing strength in Australia’s large format retail market with the off market acquisition of Tuggerah Central on New South Wales’ Central Coast for $7.54 million.
Located in Tuggerah – one of the Central Coast’s fastest growing suburbs – the 4,118sqm complex is anchored by a 1,442sqm Nick Scali store and 1,039sqm Officeworks, with additional vacant showroom of 1,637sqm
CBRE’s Nick Willis and Justin Dowers negotiated the sale on behalf of a private family, representing a yield of 4.94% and building rate of $1,831 per square metre.
Mr Willis said the centre presented a secure income stream underpinned by two ASX listed companies with future leasing upside.
“CBRE had been working with the Perth-based property syndicate, Properties & Pathways, to assist with its eastern seaboard growth in the large format retail sector,” Mr Willis said.
“This transaction further highlights the continued strength of the large format retail market, with a growing number of new entrants looking to get a foothold in the sector.”ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
