IOOF acquires Sydney Large Format Retail

IOOF has chosen a large format retail centre in Sydney’s west as its latest acquisition, investing $68m in the property.

Local developers Frank and Anthony Carioti developed the 3.1ha site at 11 John Hines Avenue, Minchinbury having acquired it in 2018 for $18.96m.

The Centre comprises 10,770sqm of bulky goods retail space divided into 25 tenancies including Petbarn, Supercheap Auto, RSEA, Autobarn and Anytime Fitness as well as a mix of restaurants and specialty retail within close proximity to Bunnings Warehouse, Officeworks, Repco, Hungry Jacks & KFC.

IOOF acquired the Centre off market on a yield of 5.7%.

Colliers’ John McCann and Frank Oliveri helped broker the deal.

The sale continues a string of large format retail centre sales in recent weeks.

Last week, Altis sold their 21,768sqm Lake Haven Homemaker Centre to Metro Diversified Property Group for $46.25m and in earlier July HomeCo Daily Needs REIT acquired the Town Centre, Victoria Point in Queensland for $160m, representing a 4.75% yield.

The newly constructed Craigieburn Junction Large Format Lifestyle centre in Melbourne’s northern growth corridor is currently on the market via JLL’s Nick Willis & Sam Hatcher and Stonebridge’s Justin Dowers & Philip Gartland with expressions of interest closing 12th August 2021.