Primewest buys retail centre for $34.75m

Primewest, national wholesale property syndicator and developer, has purchased the Homestyle Homemaker Centre in Morayfield, Brisbane’s north, for $34.75 million on a yield of 7.75%. Stewart Gilchrist, National Director of Retail Investment Services from Colliers International who negotiated the deal with Brad Johnston from Colliers’ office in Auckland, said the off market campaign targeted private investors, syndicators, super funds and property trusts.

“Strong tenancy mix and the fast growing Morayfield region is what attracted them to the retail centre. The property is located on a 2.95ha site on Morayfield Road and features NLA of 12,806sqm. Total annual net income for the centre is about $2.7m, and tenants include large retailers such as Super Amart, the Good Guys, BCF and Pillow Talk. 

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