Queensland and WA retail gems set to trade to AsheMorgan
APIL is selling Joondalup Gate in WA with AsheMorgan circling the asset.
Property group AsheMorgan is looking to add to its retail property holdings with the purchase of centres in the high growth states of Queensland and WA for a total of about $230m.
The funds house has emerged as one of the most acquisitive players in this part of the property cycle and has picked up assets ranging from city offices to retail centres in the wake of the pandemic and interest rate shifts.
The company is now in talks to acquire the assets in separate plays from Singapore-backed private real estate fund manager Sim Lian – Metro Capital and WA-based funds manager Australasian Property Investments Ltd.
AsheMorgan is targeting the purchase of Town Square Redbank Plains in Queensland for about $150m in one of the largest convenience retail plays in the state this year.
It is one of a trio of shopping centre assets across Queensland and WA that the Singaporean group put on the market this year. The other assets – Woolworths Rothwell, in Queensland, and the Dalyellup Shopping Centre in WA – are yet to secure buyers.
Town Square Redbank Plains is a redeveloped and expanded shopping centre, mainly comprising a single level open concept above a large undercroft car park.
The subregional centre in Redbank Plains Road spans 27,328sq m and is anchored by Target, Woolworths, Coles and Aldi. Sim Lian – Metro Capital had picked up the centre in 2016.
It is anchored by the supermarkets and complemented by food and beverage outlets, pharmacies, medical centres, discount stores and the largest gym in Queensland.
JLL’s Jacob Swan, Ned McKendry and Sam Hatcher and Stonebridge Property’s Carl Molony, Philip Gartland and Justin Dowers marketed the property.
The WA asset AsheMorgan is targeting is the Joondalup Gate retail centre in Perth’s north, which could fetch about $80m. APIL bought the centre on Joondalup Drive, Edgewater, for $55.8m in 2016.
The homemaker centre has about 24,682sq m and it is anchored by retailers including BCF, Dan Murphy’s, AMX Superstores, Revo Fitness, Freedom Furniture, and Early Settler.
It has a fully leased net income of $5.6m per annum. The incoming buyer could capitalise on its large land holding and location adjacent to the Edgewater Train Station.
JLL’s Sean Flynn, Nigel Freshwater and Nick Willis and Colliers’ Richard Cash and James Wilson marketed the asset.
AsheMorgan is experienced in large format retail and in 2022 picked up Homemaker Prospect in western Sydney from property giant Dexus for $78.9m.
It also sold Sydney’s Crossroads Homemaker Centre that year to LaSalle Investment Management for $282m. The price on that deal was just over double the $140m it paid three-and-a-half years previously for the 52,000sq m homemaker hub. The manager and agents declined to comment.
