- Located 1-17 Compton Road, Underwood
- Is a 100% freehold interest, and spans 2.8 hectares
- Occupancy of 99% and WALE of 6.3 years
Located about half an hour southeast of Brisbane’s CBD, or 20 kilometres, Newmark’s Chris Langford said the property sits along a significant growth corridor:
“The property is a high-quality property that is located on a significant land holding on the corner of two arterial roads in a sizeable catchment area and underpinned by leading national retailers. We believe that this combination of underlying real estate and tenancy mix provides for a high-quality long-term investment,” said Chris Langford, Newmark Capital Joint Managing Director.
The asset comprises four buildings with a combined lettable area of 11,115 square metres, with an occupancy of 99%, WALE of 6.3 years, and average rental increases of 3.1% per annum.
The property is also tenanted by quality national retailers including Officeworks, Supercheap Auto, and Sydney Tools. Newmark also said the tenancy mix is highly defensive with over 80% of lettable area leased to medical uses and leading national retailers.
NPR also said the acquisition will increase its Queensland exposure from 13% to 21%, and increase the NPR portfolio to 9 properties.
Funded via the company’s existing debt facility and expected to be accretive to NPR’s FFO immediately post-settlement, the company said it expects the settlement to occur in early September this year.
Following the $57 million acquisition, Newmark’s total portfolio value will move past $600 million.
|Metric||Post settlement (estimated)||30 April 2022 (last ASX update)|
|Total portfolio value||$620.25M||$563.25M|
|Percentage of NPR portfolio leased to Wesfarmers group entities||74.1%||80.3%|
|WALE||7.1 years||7.3 years|