The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterTue 01 Dec 15

Investor Picks Up Northland Homemaker Centre

1

A fully leased strata retail investment in the Northland Homemaker Centre has been snapped up by a private local investor for $5.12 million.

The 1,080sqm retail suite was sold with a lease to boutique French provincial furniture retailer Maison Est.

CBRE’s Josh Twelftree, Rorey James and Ryan Arrowsmith negotiated the sale on behalf of a private local investor, who had deemed the current strong retail environment as the ideal time to sell.

Despite the strata nature of the asset providing some challenges, Mr Twelftree said the auction received strong interest from a range of local and offshore investors.

“The bidding opened up at $4 million and after 38 bids from four unique investors, including a Mainland Chinese group who was the under bidder, it was eventually sold for $5.12 million.”

The transaction was equivalent to a building rate of $4,741 per sqm and yield of just over 6 per cent - which Mr James said was a strong result given the property’s strata titled nature.

“The result is a good indication of the current buyer appetite for income producing retail assets, regardless of location. The record low interest rate environment, together with a lack of supply of these single tenanted retail investment properties, continues to attract an array of local and offshore investors.”

CBRE’s Large Format Retail team negotiated the last three leasing deals within Northland Homemaker Centre and has attributed its success to educating retailers about the location and in particular the gentrification of Preston.

“Young professionals are moving into the area, purchasing homes with the view to reallocate funds back into the property by renovating, interior decorating and redesigning the existing landscape of their homes. This trend has seen the area improve as a whole, and the demand for household goods in the area increase,” Mr Arrowsmith added.

RetailAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
View All >
Kangaroo Point Aria Canopy House Revised DA Approval hero
Development

Aria’s Revised Tower Greenlit for Inner-City Kangaroo Point

Phil Bartsch
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
Hotel

Perth Hotel New Role Revealed After $105m Sale

Lindsay Saunders
The WA government’s acquisition is to become a part of its bid to improve housing supply in the capital...
LATEST
Kangaroo Point Aria Canopy House Revised DA Approval hero
Development

Aria’s Revised Tower Greenlit for Inner-City Kangaroo Point

Phil Bartsch
3 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Hotel

Perth Hotel New Role Revealed After $105m Sale

Lindsay Saunders
2 Min
Warren and Mahoney's rendering of Leftfield's project at 691-693 Burke Road, in Melbourne's Camberwell.
Residential

Leftfield Lifts Cover on 14-Storey Scheme at Camberwell

Marisa Wikramanayake
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/northland-homemaker-centre