A listed property fund managed by Real Asset Management has divested a convenience centre in Brisbane\u2019s inner-southwest it bought five years ago for a 14 per cent premium.<\/p>\n\n\n\n
A high-net-worth Sydney investor paid $11.46m for The Hub Westlake at 7 Penong St, which was part of the RAM Essential Services Property Fund (REP).<\/p>\n\n\n\n
The fund purchased the property in 2018 for $10.075m. RAM executive director Matthew Strotton said the sale was \u201cgood momentum\u201d for the Chris Herde REP portfolio.<\/p>\n\n\n\n
\u201cDespite an unpredictable economy and high interest rates, investors consistently seek exposure in assets that house non-discretionary retail and healthcare,\u201d he said.<\/p>\n\n\n\n
Anchored by SPAR, the convenience centre is also tenanted by a dental surgery, a GP clinic, a pharmacy, a coffee shop, a swimming school, and a swimming pool equipment retailer.<\/p>\n\n\n\n
It has a 1665sq m building area and it is on a 4848sq m corner site. The centre sold with an 8.3-year WALE and it realised a 6 per cent yield.<\/p>\n\n\n\n
Mr Strotton said they had moved to a more active \u201ccapital recycling\u201d stance, preparing
to move on growth opportunities as they emerge.<\/p>\n\n\n\n
\u201cIn addition to the sale of The Hub, we are in advanced stages of diligence for the divestment of two more portfolio assets at a combined book value of $20m,\u201d he said.<\/p>\n\n\n\n
Colliers\u2019 Harry Dever, who struck the deal, said that metro convenience retail centres underpinned by long
WALE and national covenants remained highly sought-after by local and interstate private investors.<\/p>\n\n\n\n
\u201cNeighbourhood shopping centre transactions are down 52 per cent in comparison to last year, with the most resilient capital being offshore groups and private investors unaffected by the high interest rate environment, which was highlighted in this campaign at Westlake,\u201d he said.<\/p>\n\n\n\n
\u201cInvestors show a particular preference for assets with long-term leases and income growth potential through rental reversion and fixed rental reviews. Inner-city neighbourhood and convenience centres in ear the CBD are highly sought-after.\u201d<\/p>\n\n\n\n
A listed property fund managed by Real Asset Management […]<\/p>\n","protected":false},"author":1,"featured_media":25198,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"post-type":[],"class_list":["post-28688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-media-zh-hant"],"acf":[],"yoast_head":"\n