![]()
Sale of Bell Central Shopping Centre
27 May 2010
Orchard Funds Management has settled the sale of Bell Central Shopping Centre Mudgeeraba Gold Coast QLD for a price of $14.05 million. The sale is subject to a 12 month vendor rental guarantee over vacant shops.
The sale price reflects a passing yield of 9% and is equivalent to the DPF’s current book value for the property as at 31 December 2009. The property was acquired by the Orchard Diversified Property Fund (DPF) in September 2006 for $17.3 million.
The property is a modern neighbourhood shopping centre anchored by a Coles Supermarket and also comprises 16 speciality shops and 187 car parking bays. The centre was completed in 2006 and is situated on a site of 8,030 square metres.
Net proceeds from the sale will be retained to fund future capital expenditure associated with the remaining property portfolio or will be applied to repay DPF’s debt facility with National Australia Bank.