Sarina Village Shopping Centre sold for $13m

Investor appetite for regional retail assets continues with the Woolworths anchored Sarina Village Shopping Centre transacting for $13 million.

The off-market sale was brokered by Peter Tyson of Savills on behalf of a private investor to Melbourne based MPG Funds Management for their MPG Retail Brands Property Trust, at a passing initial yield of 6.17%.

The acquisition of Sarina Village by MPG is the third Queensland retail asset to be acquired by the fund and brings the total number of assets in the portfolio to nine.

Savills’ National Director, Peter Tyson, commented “Sarina Village services the daily needs of the local community with over 75% of gross income secured by a strongly trading Woolworths supermarket and features a convenience-based tenancy mix including groceries, pharmacy, bottle shop and a Subway
outlet.”

Built in 2007, Sarina Village is an open format neighbourhood shopping centre anchored by a 2,754 square metre Woolworths and 7 specialty shops, with a total GFA of 3,354sqm. The 10,190sqm site features parking for 189 cars and featured a weighted average lease expiry term of 5.8 years.

Investors have been active in regional Queensland throughout 2021, with numerous deals also brokered by Savills during the year including the sales of the freestanding Woolworths Mt Isa, and two Woolworths anchored centres at Cooloola Cove, near Gympie and Drayton Central in Toowoomba, as well as the Coles and Kmart anchored sub-regional Mt Isa Village shopping centre.

Mr Tyson observed “the key fundamentals of the resilient convenience-based retail centres underwritten by grocery, medical and other essential services continue proving popular with investors.”

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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