Stonebridge sells Charter Hall’s Liverpool automotive asset for a premium

Stonebridge Property Group has sold ‘Mitsubishi Liverpool’ 375-377 Hume Highway, Liverpool NSW for $22.5 million, just days after closing a public expressions of interest campaign.

The sale, which is the final asset in Charter Hall’s Direct Automotive Trust No.2 fund, reflects a yield of 4.66% and a significant premium to Charter Hall’s acquisition of the asset in 2018. The asset sold to a Melbourne based private investor following a highly competitive process which yielded 10 first round offers.

375-377 Hume Highway, Liverpool is located in the western suburbs of Sydney, approximately 27kms south west of Sydney CBD and 18kms south of Parramatta CBD. The Property comprises a 2018 purpose-built automotive dealership, leased to Australia’s number one automotive group Eagers Automotive (ASX.APE) with 12 years remaining on their lease.

Stonebridge Partner Philip Gartland, said the weight of demand has created a perfect environment for investor demand for high quality assets on long lease terms to strong tenant covenants.

“Private investors and syndicates are desperate for high quality, modern income producing assets particularly those with outstanding land fundamentals, but stock levels are at all-time lows. 17 buyers requested contracts and 10 of those lodged competitive offers – very strong numbers that resulted in attractive pricing and an unconditional exchange. The investor landscape is changing quickly as investors are broadening their mandates in order to secure stock”. Melbourne based Partner Justin Dowers said

“The cost of debt has never been lower providing investors with healthy arbitrage yields on income producing investments. The profile of buyer group was surprisingly diverse, from private investors, commercial office investors through to syndicators and Asian investors.

Enquiry from Melbourne based private investors has also exploded over the past few weeks as they emerge from the frustration of lockdown, with this putting additional pressure on pricing for quality assets”.

The sale of Mitsubishi Liverpool follows the sale of Glenmore Park Town Centre by Stonebridge for $150 million to HomeCo in September.

For further information please contact –

Phil Gartland | +61 403 582 324 |

Justin Dowers | +61 438 098 805 |

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