Woolworths has sold their Spring Farm Shopping Centre development in Sydney's South West to WA Fund Manager, Primewest.
Primewest have paid $34.75m for the Centre which contains a Woolworths Supermarket and 10 complementary specialty tenants which generates $2.0m per annum in net annual income. The Centre sits on a 2.1ha sit which also contains 257 parking spaces.
The sale price provides Primewest with a passing yield of 5.8% and reflects a rate per square of $7,220/sqm on NLA.
Earlier this week, Primewest indicated that the Group had recently launched a new $300 million fund targeting neighbourhood shopping centres which was became the purchasing entity for the Spring Farm acquisition. The Fund will target similar shopping centre assets focused on non discretionary retail tenants.
Earlier this year, Primewest secured Mandurah Greenfields Shopping Centre for $32m (also off Woolworths) and in November last year paid $40m for Moonee Marketplace from the Gowings Bros Group.
The Spring Farm sale was managed by Colliers.
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