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Sale of Bayswater shopping center for $22m



A family based in Sydney has purchased the Mountain High Shopping Center in Bayswater, 35 kilometers from Melbourne’s CBD for around $22m.
The center was sold for a passing yield of around 7.3%, which indicates that there is higher competition among domestic institutions and private investors, promoted by the low cost of debt.

Although sale agents, Mark Wizel and Justin Dowers from CBRE were not prepared to confirm the details of the deal, industry insiders speculate that it settled at above $22m.

Mr. Dowers revealed that in excess of $750m worth of non-discretionary center assets below the value of $100m have been in Victoria over the past year and a half, although overall volumes were lower compared to the previous year.
According to Mr. Wizel, some of the owners of shopping centers have taken advantage of the low interest rates and refinanced their properties over the medium term, thus succeeding in keeping the assets off the market.  This has impacted on the supply of investment products in Victoria.

Mountain High Shopping Center consists of gross leasing space of 7674m², with 30 retail tenants and a Coles supermarket, which signed a new 20-year lease.

A large sub-regional retail development in Reservoir has since been placed on the market, expecting to fetch a price of about $80m.
There are other regional shopping centers which are currently for sale.  

Colliers International has stated that Victoria has surpassed NSW as the busiest retail investment area within Australia.  The shift can be attributed to the GPT Wholesale Shopping Center Fund obtaining a 50% share in Northland Shopping Center during March, for $496m.

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