FRP Capital Brickworks Information Memorandum July 2023 - Flipbook - Page 19
Brickworks Marketplace
Information Memorandum
Comparable Transactions
& Value Proposition
KEY SUB-REGIONAL COMPS NATIONAL
The Brickworks Marketplace is considered a prime national
sub-regional centre due to the following reasons:
NO STAMP DUTY IMPROVING RETURNS
— long WALE (9.17 years by area);
From 2015 the South Australian Government
commenced a phaseout of all stamp duty on
'qualifying land' transactions – land that is not being
used for residential purposes or primary production.
— heavily weighted towards convinience uses; and
— strong proportion of major tenant income
underpinning its security.
Given the convenience nature of the Asset, it closely aligns
to larger prime neighbourhood shopping centre transactions.
The table below outlines national sub-regional centre sales
and SA neighbourhood sales; A healthy investment premium
is being achieved with Brickworks.
This initiative has significantly reduced overall
acquisition costs on South Australia assets from
approximately 6.5% to 1.5%.
18
Centre Name
State
Sale
Date
Sale
Price
Yield
(Passing)
Yield
(Fully Leased)
Yield
(Equivalent)
IRR
(10 yrs)
GLA
(sqm)
Sale Rate
($/sqm)
WALE (by
area)
Carlingford
Court Shopping
Centre (50%)
NSW
Sep-22
$120.50M
6.42%
6.58%
5.49%
6.32%
22,126
$10,892
3.79YRS
Shepparton
Marketplace
VIC
Jul-22
$88.01M
5.82%
6.48%
5.66%
6.40%
16,535
$5,328
6.41YRS
Stockland Bull
Creek
WA
Jun-22
$78.00M
7.06%
7.46%
6.21%
6.51%
16,958
$4,600
4.79YRS
Delacombe
Town Centre
VIC
Nov-21
$112.00M
5.11%
5.34%
5.25%
6.08%
19,098
$5,864
7.69YRS
Northgate
Shopping Centre
WA
Oct-21
$71.23M
5.87%
6.44%
5.50%
N/A
15,774
$4,515
6.36YRS
MarketPlace
Raymond Terrace
NSW
Jul-21
$87.55M
5.68%
5.98%
5.75%
N/A
14,844
$5,898
6.40YRS
Marketown
Shopping Centre
NSW
Jun-21
$150.50M
5.59%
6.12%
5.58%
5.72%
26,378
$5,706
7.20YRS
$103.23M
6.21%
6.72%
5.96%
6.74%
$4,928
5.72YRS
Average
NEIGHBOURHOOD COMPS – SA
Brickworks
Marketplace
Key Sub-Regional
Comps – National
Neighbourhood
Comps – SA
Pricing
$85M
$103M
$34M
Initial Yield – Fully Leased
6.11%
6.62%
5.37%
9.17YRS
5.72YRS
6.49YRS
WALE (by Area)
Building Rate
$4,953
$4,928
$6,517
Centre Name
State
Sale
Date
Sale
Price
Yield
(Passing)
Yield
(Fully Leased)
Yield
(Equivalent)
IRR
(10yrs)
GLA
(sqm)
Sale Rate
($/sqm)
WALE
(by area)
Dernancourt
Shopping
Centre
SA
Jun-22
$46.00M
5.11%
5.22%
5.15%
6.62%
8,353
$5,507
3.23YRS
Fairview Green
Shopping
Centre
SA
Jun-22
$39.50M
6.63%
6.78%
6.50%
7.81%
5,714
$6,913
7.64YRS
Walkerville
Shopping
Centre
SA
Nov-21
$33.70M
4.92%
4.92%
4.75%
N/A
5,263
$6,403
10.30YRS
Gawler Green
Shopping
Centre
SA
Oct-21
$46.00M
4.67%
4.67%
4.65%
5.67%
5,758
$7,989
9.30YRS
Striling Mall
SA
Jul-21
$20.50M
5.02%
5.28%
5.20%
6.18%
3,406
$6,018
1.96YRS
$6,517
6.49YRS
Average
$34.08M
5.27%
5.37%
5.25%
6.57%
Note: Sourced from JLL Research, South Australia Investment Case 2022.
