Stonebridge Property Group has sold Ropes Crossing Village for $42 million. The Centre sold to an Offshore Investor after a select off-market EOI campaign, reflecting a yield of 5.5%. Unconditional exchange were achieved in under 3 weeks from EOI close.
Located on a large 12,340 square metre site, Ropes Crossing Village comprises a strong performing Coles supported by a quality non-discretionary tenancy mix. The Property underwent a substantial expansion and upgrade to a total lettable area of 5,805sqm with on-grade parking for 208 vehicles, returning a defensive income stream supported by a long through-cycle WALE of 11.7 years.
A 2-stage mixed-used development has recently been approved with the first stage comprising second level commercial suites and stage 2 comprising a Coles expansion, additional specialty retail, expanded parking and 128 residential units across 3 buildings.
Stonebridge Property Group’s Carl Molony, Philip Gartland and Jonathan Fox negotiated the sale.
Stonebridge Partner Carl Molony said the transaction is another example of competitive processes driving strong pricing and short due diligence periods:
“The strength of the Stonebridge relationships, database and collaborative approach to the sales process ensured that a wide range of domestic and offshore, private and institutional buyer offers were received for the property. This was during a period of border closures that required practical solutions from our team and culminated in an exceptional result for our client.”
For further information please contact –
Carl Molony | +61 439 032 028 | firstname.lastname@example.org
Philip Gartland | +61 403 582 324 | email@example.com
Jonathan Fox | +61 402 147 780 | firstname.lastname@example.org