Chinese buyer secures Horsham Gateway shopping centre

Chinese buyer secures Horsham Gateway shopping centre
Chinese buyer secures Horsham Gateway shopping centre
The Horsham Gateway shopping centre in Victoria’s Wimmera region has been sold to a Chinese investor for $14.55 million. 
 
The centre located at 120-124 Wilson Street, was sold by a local private developer at Horsham, a regional town halfway between Melbourne and Adelaide.
 
The centre is anchored by Target on a new 15 year lease.
 
There are six non-discretionary specialty shops, including "a bustling Snap Fitness." 
 
It was advised has having a fully leased net income of $1,205,000pa.
 
The 1.21ha site comprises additional Commercial 2 zoned land that provides scope for future development.
 
The $12-million development created more than 250 jobs during its construction phase. Target opened in May 2013.
 
The quality of the Target lease covenant remains just as strong as a Woolworths or Coles supermarket, however the rent per square metre is generally substantially less, the CBRE selling agency advised.
 
Other recent regional retail transactions include the IGA, Nagambie at $7,800,000 reflecting a 6.11 % yield and Bunnings, Yarrawonga at $11,500,000 reflecting a 4.9% yield.
Tags: 
Shopping Centres Chinese Investment

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