Woolworths divests Warbu-Bellmere Shopping Centre for $37.75 million
Woolworths Group has sold the Warbu-Bellmere Shopping Centre in Queensland to a Melbourne-based private investment group for $37.75 million.
The 5164sqm shopping centre opened last August and is underpinned by a 10-year lease to Woolworths, which occupies 71 per cent of its gross lettable area and serves as the largest full-line supermarket in the main trade area.
Woolworths tapped CBRE’s Michael Hedger and Joe Tynan to broker the sale, which generated a 5.52 per cent yield.
“With the increasing costs in construction putting pressure on new supply and future development feasibility, we continue to notice strong demand from the private investment sector and a wave of new entrants into the sector seeking long-term investment opportunities,” said Hedger.
The shopping centre is expected to benefit from Caboolture West’s forecasted population increase of 6.9 per cent per year over the next 15 years and a retail expenditure growth of 4.2 per cent annually.
“A noticeable trend we are seeing is a higher percentage of Victorian-based investors purchasing assets in Queensland due to the newly imposed land tax laws introduced in Victoria,” said Tynan.
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