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High-yielding bulky assets are in demand with investors, with over $218m exchanging hands in the last 6 months
AUSTRALIA, 15 JULY 2013 – Acting on behalf of Charter Hall, Simon Rooney of Jones Lang LaSalle has exclusively negotiated the sale of Home HQ Nunawading for AUD 48 million, which reflects an initial fully leased yield of 11.3%.
Completed in 2006, Home HQ Nunawading is the dominant homemaker centre in Melbourne’s eastern suburbs. Its three anchors are Nick Scali, The Good Guys and Bev Marks Beds, together with 17 major retailers including Sony Centre, Howards Storage World, JB Hi Fi, Lincraft and South Pacific Health Club.
According to Australian Head of Retail Investments at Jones Lang LaSalle, Simon Rooney, many major institutions have been reducing their exposure to ‘non-core’ retail assets – particularly in the bulky goods sector.
“Since 2007, institutional landlords have disposed of over $1.15 billion of homemaker centres in 39 separate transactions.
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