Vendor Clarence Property sold the homemaker hub in Underwood on a yield of 5.15 per cent.The acquisition takes the property trust’s portfolio value past $620 million and it is its first retail asset not directly anchored by a Bunnings store, although it stands next to a Bunnings outlet.
Ed Cruickshank, fund manager for the property trust, known by its stock ticker as NPR, said the acquisition fitted neatly with the fund’s focus on exposure to high-quality real estate, targeting consistent and growing distributions.“It is a significant landholding, 2.8 hectares. It is on the corner of two arterial roads and has a sizeable catchment. It is securely leased with a WALE [weighted average lease expiry] of 6.3 years.
The retail centre comprises four buildings with a combined lettable area of 11,115 square metres. Its tenants include national retailers such as Officeworks, Supercheap Auto and Sydney Tools. More than 80 per cent of the space is leased to medical users and national retailers. “In terms of its core elements, this is exactly what NPR is trying to provide. We think it is going to be a really strongly performing property for many years to come,” Mr Cruickshank said.The Brisbane acquisition comes amid what is expected to be a broader disruption to the commercial property market as
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