Drivas Acquires Woolworths Moorooka Shopping Centre


COFFEE Club founder Emmanuel Drivas has acquired a shopping centre at Moorooka on Brisbane's southside for $27 million, The Courier-Mail reported.

The Woolworths Moorooka Shopping Centre on Beaudesert Rd was owned and developed by Pace Investments.

The newspaper said the deal was struck at a yield of about 6.6 per cent.

The property, which was refurbished in 2010, has a gross lettable area of 4893 sq m and is on 1 ha of land.

It has 224 car bays, nine speciality shops, an ATM and video kiosk plus a Woolworths supermarket.

The centre is 100 per cent leased with a 12-year weighted average lease expiry.

There has recently been substantial capital expenditure on the centre, delivering a high quality and energy efficient design, including 300 solar panels and a 60 kilowatt commercial grade invertor providing considerable operational savings.

The centre's WALE is underpinned by a 20 year lease with two additional ten year options to Woolworths Limited, providing a strong income security profile, that is further enhanced by in-built growth via 3-4% annual rent reviews for the majority of specialty tenantsCurrent Fully Leased Net Income is $1,805,232 p.a.

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