GPT Sells Highpoint Homemakers
GPT has sold the Highpoint Homemakers Centre in Maribyrnong to a private investor for $80.5M. The fully leased Homemaker Centre, opposite Melbourne’s Highpoint Shopping Centre, is anchored by a Spotlight store along with 18 other big box retailers returning net income of around $5 million a year. The sale represents a yield of approx 6.2%
GPT originally acquired the Homemaker centre in 2001 as part of the takeover of the Homemaker bulky goods portfolio, and co-owns the centre with the GPT Wholesale Shopping Centre Fund (GWSCF).
The 21,272sqm single-level homemaker centre sits on 4.4 hectares and is within the local council’s Highpoint activity centre planning area, which has a preferred height of between six and 10 levels, potentially allowing for future development.