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Adelaide Street, Fremantle

 

Project value: $32.0 million

The Adelaide Street Retail Fund acquired Adelaide Street Shopping 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 provided a strong, cash flow yield, underpinned by a 20 year Woolworths lease, and other institutional grade tenants.

Woolworths subsequently surrendered its lease resulting in a significant payout to the Fund. Sirona is currently considering a number of redevelopment options.

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OTHER Funds Management FUNDS

  • 28 Lyall Street
  • Kings Square
  • Sirona Real Estate Finance
  • Pakenham Street Quest Hotel
  • Heirloom
  • The Village at Margs
  • Adelaide Street Plaza
  • Northern Gateway Industrial Parks
  • Westbridge Property Group
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