Multi-mil­lion dol­lar deal for cen­tres

Harvey-Waroona Reporter - - NEWS - He­len Shield

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

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