Stonebridge is pleased to announce the sale of The Broadway Plaza, Punchbowl NSW for $41.2 million to RAM Australia Property Services reflecting a passing yield of 7.34%.
The neighbourhood shopping centre, completed in 2013, is anchored by a full-line Woolworths supermarket and BWS on a long lease to 2033 (plus options) and is supported by 3 mini-majors, 27 specialty shops, 2 ATMs and 1 vending machine over a total GLAR of approximately 8,455sqm.
Stonebridge Director, Philip Gartland said, “Of particular note is the ongoing acceptance of retail stratum centres by an increasingly diverse range of purchaser groups, particularly in tightly held inner metropolitan locations. Stratum retail was a tougher sell in the past, but with the improvement in mixed use development design and retail / residential compatibility, coupled with the increasing density and hence value of land, well anchored stratum titled retail centres have shown yields more akin to traditional freehold sites in recent years as more and more buyers accept its longevity and evolvement as an asset class.”
