Project value: $11 million
The Adelaide Street Fund acquired Adelaide Street Plaza, an underperforming neighbourhood shopping centre with a strong tenant history in Fremantle.
The asset was purchased on an 11% passing yield at a discount to replacement cost of over 50%.
The Centre is a strong, cash flow yielding asset, underpinned by a 20 year Woolworths lease, and other institutional grade tenants.
Woolworths recently closed its doors presenting an opportunity to reposition the Centre.