Multi-million dollar deal for centres
Diversified private property investor the Vukelic Group has sold The Village Australind Shopping Centre and The Mardo Commercial Centre next door to syndicator Acure Funds Management for $39.4 million.
The centre, anchored by Coles, Aldi and Chemmart Pharmacy, has 7724sq m of gross lettable area and is separated by a carpark from the 1597sq m The Mardo Commercial Centre.
Located at 299 Old Coast Road, the centre is 12km north of Bunbury and the combined area of the two properties is 3.5ha.
Acure Asset Management managing director Angelo Del Borrello said Acure planned to raise $25 million and while it had raised enough to settle the property, it still had up to $4 million to go to “get the gearing down to where we want it for the longer term” at 47 per cent.
“Coles has still got 16 years left on that lease and it’s hard to find centres with those lease profiles,” Mr Del Borello said.
“We are very happy to be the owner. We are looking to develop good returns for our investor base.”
Australind is a fast-growing area near Bunbury with a population of close to 17,500 with an average age JU of 36. The area is surrounded by residential subdivisions and expected to grow substantially.
The Bunbury-based Vukelic Group of companies was founded by Paul Vukelic, who started as a service station proprietor in 1956 and has now amassed a property portfolio across the South West.
The Vukelic family also have philanthropic interests and have in recent years appointed an independent chairman to the Vukelic Family Office Board.
Coles has still got 16 years left on that lease and it’s hard to find centres with those lease profiles.
Acure’s Angelo Del Borrello