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.
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