Stockland have confirmed the sale of their Baulkham Hills Mall for $140m.
The Cebtre is located near the intersection of two arterial roads within the Hills Shire, Stockland Baulkham Hills is 30 kilometres north-west of the Sydney CBD. The 18,000sqm centre features Woolworths, Coles, ALDI and more than 75 specialty stores and services including a 200-seat food precinct, 840 car parking spaces.
Stockland held the Centre in its account for $150m in 2019 based on a cap rate of 6.5% however the Group wrote back the value of the Centre to $140m prior to the sale of the asset.
The sale price of $140m reflects a softer passing yield of approximately 7%, however following the pandemic rents are likely to soften suggesting that the cap rate on the softer market rents may be unchanged.
The Centre was acquired by Mintus who have been active in the market in recent years acquiring retail assets in Wyong, West Gosford, Goodna and Deception Bay. The Baulkham Hills acquisition is the largest acquisition taken on by the Group.
Contracts for the sale of the asset have been exchanged are awaiting settlement.
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