Tipalea Partners is pleased to announce the sale of Muswellbrook Fair Shopping Centre to SCA Property Group for $29.25m, reflecting a passing yield of 6.4 %.
Tipalea acquired the asset in early 2015 and underwent a two-stage redevelopment program that lasted 18 months. The shopping centre is anchored by a Coles Supermarket and a Harvey Norman. Other national retailers include Best and Less, The Reject Shop, Liquorland, Subway, Dominos and the recently opened Bakers Delight.
As a result of the upgrade, the centre is now the strongest trading neighbourhood centre in its catchment.
Sale Price: $29,250,000
Sale Date: July 2016
Passing Initial Yield: 6.4%
Equity Multiple: 1.54 x