Toormina Gardens Shopping Centre has sold
TOORMINA Gardens Shopping Centre has been sold for $83 million.
Landlord Vicinity Centres and financial service group Challenger, which each owned a 50% stake in the centre have sold the shopping complex to a Fort Street Real Estate Capital fund.
Fort Street Capital's director of investments David Rogers welcomed the addition of the 21,200sq m retail asset, which is currently at 99 per cent occupancy.
"The acquisition provides an attractive yield and is in line with the fund's investment strategy to seek quality assets with strong covenants and long-term rental growth potential," Mr Rogers said.