Kmart

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A private investor has purchased a 10,384sqm Queanbeyan site for $22.3 million. 
Currently Kmart Queanbeyan take up 5,176sqm and holds a 20 year lease which will continue until 2032. 
The sale was negotiated by Ben Stewart, Daniel McGrath, Andrew Palmer of Knight Frank, on behalf of vendor LaSalle Funds Management Limited.
Ben Stewart said the property forms a central presence on the local precinct’s pedestrian circuit.
"The new Queanbeyan Hospital is located approximately two blocks to the North, with both low and medium density housing located approximately 100 metres away, forming the fringe of the town centre," Mr Stewart said.
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Kmart's Queanbeyan site sold 

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Kmart has committed to a new freestanding 6,200 square metre store at Oxenford, due for completion late 2015.
Savills has now sold this new development as an investment, with a 12-year lease to Kmart.
It sold to a Melbourne based private investor for just under $22.7 million, representing a record low yield of 5.95%. 
The sub-6% yield eclipses the recently set record of 6.04% achieved in the sale of the Masters Home Improvement store in Melbourne’s Williams Landing.
The Kmart store was offered in a marketing campaign conducted by Peter Tyson and Jon Tyson of Savills.
Peter Tyson said the strong sale result followed overwhelming investor interest in the asset, which saw more than 160 separate buyer enquiries throughout the short campaign.
He said enquiry was received predominately from private investors but also included syndicators, REITs and fund managers.
The sub-6% yield result is understood to represent the lowest yield in Queensland for a freestanding retail asset in this higher price range and one of the lowest results recorded nationally for a Discount Department Store asset.
The property comprised a new 6,200 square metre freestanding retail building wholly leased to Kmart Australia Ltd on a 12 year term with four six year options. The property features on grade parking for 184 vehicles and a site area of 13,550 square metres. 
The offering was expected to attract strong interest and pricing in excess of $20 million.
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