Half Interest in Carlingford Court Sells for $120.5m

27 September 2022

Hong Kong-based JY Group has defied the gloom to expand its Australian shopping centre portfolio with the $120.5m acquisition of a 50 per cent stake in Sydney’s Carlingford Court.

Carlingford Court is predominantly a two-level, 33,298sqm centre anchored by Coles, Woolworths and Target, together with mini majors including Bing Lee, Fitness First, The Reject Shop and 65 specialty stores. The Target store occupies 2 levels within a former 3 level Myer store with the upper level mostly unused.

The Centre is located 18km northwest of the Sydney CBD with a local catchment generating strong population driven by high levels of apartment construction.

The vendor in the deal was Telstra Super who held their interest alongside Vicinity Centre since join forces in 2013 to acquire the Centre from GPT. Vicinity will continue to hold a 50% interest in the Centre and maintain the management rights. Vicinity’s most recent book value was $111.3m based on a 5.5% cap rate.

CBRE’s Simon Rooney indicated that the transaction was completed on a passing yield of 6.3%.

The Centre generates approximately $188 million in total centre MAT, with strong performing supermarkets generating a combined $96 million.

JY Group also own ;

  • Coles Greenacre Village (100%),
  • Roselands Shopping Centre (50% with Vicinity),
  • Wollongong Central Shopping Centre (50% with Haben),
  • Brimbank Shopping Centre (80% with Mulpha),
  • Casey Central Shopping Centre (50% with Haben), and
  • Doncaster Pines Shopping Centre (54% with Haben).