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News release


Homemaker investment ramping up again, following record year in 2013

Altis Property Partners purchase Lake Haven Home Mega Centre on the NSW Central Coast for AUD40.5 million

​AUSTRALIA, 29 October 2014 - Acting on behalf of a private investor, Simon Rooney of JLL has exclusively negotiated the sale of Lake Haven Home Mega Centre in New South Wales for $40.5 million reflecting an initial yield of 8.74% to Altis Property Partners.

Lake Haven Home Mega Centre is located north of Wyong, on the NSW Central Coast.  Spread over a gross lettable area of 21,768.5 square metres, it is a highly secure, well managed centre and the only homemaker centre in the catchment. The centre provides a highly secure income stream with the centre 100% leased to leading national retailers, including Bunnings Warehouse, Harvey Norman, Ray’s Outdoors, Pets Domain, The Sleeping Giant, Anytime Fitness, Autobarn, Godfreys, Beds R Us, Barbeques Galore and Beacon Lighting. 
JLL’s Australian Head of Retail Investments, Simon Rooney said, “There was a sharp drop in the number of homemaker centres offered for sale in 2014 reflecting an end to the sell-down by institutional owners in 2012 and 2013 which drove activity to record levels.”

“The Lake Haven sale shows that there is still strong demand for homemaker assets from a number of specialist private investors and a range of opportunistic funds.”

“There has also been a substantial improvement in the underlying asset performance of bulky goods assets over the past year, driven by a rebound in housing construction.”

According to the Australian Bureau of Statistics, spending on Household Goods grew by 4.5% year-on-year in August 2014, its fastest pace since July 2008. The rebound has been strongest in New South Wales, up 7% year on year at August 2014. 

“Yields have tightened over the past 12 months driven by the improvement in market fundamentals and a shortage of assets being offered for sale. These dynamics are likely to continue over the medium term as investors continue to seek to build portfolios of homemaker assets and capitalise on the recovery in retail spending within this cohort of the retail market” said Mr Rooney.

JLL Research shows yields for bulky goods centres tightened by between 25 and 50 basis points over the 12 months to Q3/2014. Nationally, yields (as at Q3/2014) range between 8.00% and 11.25%. 
Lake Haven graph 3.jpg