Silverstone Developments continues to diversify its development portfolio, acquiring two Bardon retail sites for $8.73 million in an off-market deal.
The two sites, at 63 and 65 Macgregor Terrace, house a net lettable area of retail and office space of approximately 2700m2.
The land area is 3542m2 with over 70m of frontage to well-known Bardon retail strip, Macgregor Terrace.
Silverstone Developments’ Managing Director Troy Daffy said the site was a perfect fit for the company’s new retail focus.
“We have been looking to move away from multi-residential and focus more on yielding assets in key locations.
"With a prominent Bardon location and yielding in excess of 8.7% pa, it seemed like a perfect fit," said Mr Daffy.
“We are very excited to be able to secure such a key retail site on a substantial land holding at this yield.
“The money we are investing on the refurbishment is to improve the appeal of the centre and subsequently drive the trading figures for our sitting and future tenants, and to keep it as a long term investment given the great underlying land.
“We have already commenced a refurbishment of the centre to improve the amenity and access as well as building works to increase the quality of the centre.”
Existing tenants include Mundo Churrasco, Charm Health IT and Smoked Paprika.
The off market deal was brokered by Darren Collins from CBRE.