Mina and Scott O’Neill, who head investment house Rethink, have snapped up a retail and essential services investment at Camillo after their clients passed up the chance to buy it.
The Champion Lakes Shopping Centre, on 1.75 hectares at the corner of Westfield and Ypres Roads, is setting the Sydney-based pair back $11.4 million following an off-market campaign. The result reflects a 6.78 per cent yield. It is also a discount on the $13 million asking price.
“The shopping centre was rejected for the simple reason that it was not located on the east coast,” Mr O’Neill said.
“If this [property] was in Brisbane, instead of the asset being $11.4 million, it would have been over $17 million,” he added.
Camillo is 26 kilometres south east of Perth.
Retail, childcare, medical
With 4391 square metres of lettable area, Champion Lakes is anchored to Coles and IGA, with 10 specialty stores including a pharmacy. The asset also includes a medical complex and new childcare centre. The Weighted Average Lease Expiry is six years. Closer to town, last month, Elanor paid Stockland $98.8 million, reflecting a 7.25 per cent capitalisation rate, for the Riverton Forum, on 6.3 hectares.
That complex is about 11km south east of the CBD. Also last quarter, HMC Capital outlaid $92.5 million for Southlands Boulevarde, on 6.15 hectares at Willeton – about 5km south of Riverton. That seller was Lendlease.
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