Returns could be juiced up by the asset’s circa three hectares of vacant land.
Property investor Realside has struck a deal to buy Maddington Central, a shopping centre located 17 kilometres from Perth’s Central Business, from listed landlord Vicinity Centres for $107 million. Now, it’s seeking equity backers to come in on the investment.
Investors have been told to think of a base case scenario of 8.5 per cent annual cash yield and 15.5 per cent internal rate of return over a five-year holding period. Returns could be juiced up by the asset’s circa three hectares of vacant land, with wide zoning that could house build-to-rent developments, logistics, a childcare centre, gym or a medical centre.The sub-regional mall was built in 1980, last refurbished in 2020, and sits on 13 hectares of land.
Maddington’s circa 220,000 main trade area population is roughly twice that of its peers in sub-regional shopping centres, which in offer the highest average yield across opportunities in other sectors.
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