Bunnings anchored centre goes for over $23 million

Bunnings centre

Sentinel Property Group has purchased a Bunnings-anchored homemaker centre in a high exposure location with Pacific Highway frontage north of Newcastle, for $23.3 million.

The facility on a 4.57ha site with a lettable area of 17,181sq m at 8 Griffin Street, Heatherbrae, will be the third addition to the Sentinel Homemaker (Open Ended) Trust, which also includes City West Plaza at Sunshine in Victoria and the Geraldton Homemaker Centre in Western Australia.

Bunnings, which took over the Heatherbrae tenancy last year from its failed former rival Masters, occupies 77 per cent of the property and generates 66 per cent of its passing income. Other high quality national tenants in the complex include BCF and PETstock.

The Heatherbrae complex, which is in the Port Stephens local government area close to Newcastle Airport, enjoys a weighted average lease expiry (WALE) of 3.65 years, with a passing yield of 7.94 per cent and passing income of approximately $1,849,534 per annum.

The property has excellent frontage to the Pacific Highway with exposure to 40,000 vehicle movements per day.

Sentinel Managing Director Warren Ebert said this was the Group’s third acquisition in the Hunter region, with Sentinel also owning an industrial facility at Mayfield and an office building in Argyle Street in the Newcastle CBD.

Mr Ebert said Sentinel was excited about the potential in Newcastle with the city undergoing major renewal with infrastructure projects such as the light rail, the new CBD University of Newcastle campus and also the Hunter region’s proximity to Sydney all major attractions.

“I think Newcastle has a fantastic future and we like to buy in locations that mainstream investors aren’t targeting,” he said.

“A recent commitment from the Port of Newcastle to develop a world-class container terminal will also help boost jobs and business opportunities in the Hunter region.”

Prominent development site up for grabs

Sutherland Farrelly have been appointed to offer for sale 78-80 Fyans Street, South Geelong by Public Auction on Thursday 15 November 2018 at 1:00 pm on site.

The property comprises two older style homes currently utilised as commercial office space.

The land, which is included within a Mixed Use zone, has an area of 1,228 square metres and benefits from rear access via Myles Place.

The site is situated within a highly exposed prominent showroom strip in South Geelong and is located 500 metres (approx.) from Kardinia Park (GMHBA Stadium).

Interest is anticipated in the order of $950,000.

High exposure bayside freehold

Sutherland Farrelly have been appointed to offer 424 Bluff Road, Hampton for sale by Executor’s Auction on Friday 16 November 2018 at 1:00 pm on site.

The property comprises a ground floor retail/showroom space and first floor apartment, within a ‘Commercial 1’ zone and forms part of the Bluff Road, Hampton local retail precinct, metres from a Coles supermarket.

Paul Farrelly of Sutherland Farrelly anticipates solid interest in the property, noting the significant redevelopment potential in the mixed use precinct.

Interest is anticipated in the order of $1,100,000.