Stonebridge Property Group is pleased to announce the sale of Ballina Central for $46.25 million to a Private Investor, reflecting a yield of 7.00%.
Ballina Central is a rare convenience based sub-regional asset, anchored by a full line Ritchies Supa IGA + Liquor (Metcash Guarantee), a strongly performing Big W (the largest discount department store in the Trade Area) and supported by 2 mini majors, 20 specialty shops, 3 ATMs and 2 pad sites (Hungry Jacks & Woolworths Caltex). The 14,174sqm* Centre occupies an expansive 4.46 hectare* site on the dominant eastern side of Ballina’s established retail precinct.
Stonebridge Director, Jonathan Fox said, ”The asset has undergone a transformation in recent years and now features an outstanding tenancy mix with a strong proportion of national tenants and an attractive mix of food and non-discretionary retailers.”
Stonebridge Director, Philip Gartland said, “The Centre WALE of 8.9 years was a key drawcard for buyers seeking income security and an attractive yield. Demand for assets at this price point is extremely strong and is set to continue as stock level remain subdued.”
Stonebridge and CBRE were joint exclusive agents on behalf of Alceon/CP Retail.