Stonebridge Property Group and Knight Frank have sold on behalf of Landream the Beecroft Place Shopping Centre for $65 million at a fully leased yield of 5.31%.
Beecroft Place is a Woolworths anchored, convenience and service focused neighbourhood centre that is supported by 28 specialty stores and two kiosks over a lettable area of 5,474 sqm.
The Centre is distributed over two levels and forms part of a mixed-use development, including 130 premium apartments and features a 190-space dedicated retail car park. Positioned in the primary retail and commercial precinct in Beecroft, the centre is located nearby to Beecroft station and 22km* to the Northwest of the Sydney CBD.
The property, which was developed in 2017, is 97% leased with an average lease expiry of 8.6 years including a 20-year lease to Woolworths until 2037 plus two 10-year options. The income growth of the centre is reliant on Woolworths which has a 5 yearly fixed 5% rent review plus percentage rent hurdles. The next step up in rent is in September 2022.
The sale process generated 9 first round offers. The property was acquired for an unlisted wholesale fund.