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A retail investment anchored by Dan Murphy’s in Victoria’s Armstrong Creek has traded hands for $21.5 million.
The off-market deal, facilitated by Colliers, saw HomeCo Daily Needs REIT acquire the 10,929-square metre site – which currently houses a Hungry Jacks, KFC, and others alongside the liquor distributor – from Wel.Co.
The latest in a string of sales that has seen Dan Murphy’s snapped up across the country, this deal cements it as one of the most attractive retail covenants available.
Over $140 million of Dan Murphy’s assets have sold in the last 18 months alone across nine different transactions, equal to the value of deals that took place in the five years prior.
Dan Murphy’s Dickson in the ACT sold in November 2021 for $15.2 million, while the bottle shop’s Bathurst location was nabbed for $11.2 million in July of that year.
Tim McIntosh of Colliers highlighted the investment’s appeal.
“The Dan Murphy’s covenant is one of the most highly sought after in the retail investment market, with both institutional and private investors attracted to the continued strong performance, attractive lease tenure and underlying land value in prominent locations.”
Dan Murphy’s Armstrong Creek opened November 2021 as part of the second stage of the $1 billion Armstrong Creek Town Centre development by Wel.Co.
HomeCo has already snapped up the burgeoning development’s first stage, spending $55.4 million on a shopping complex centred around Coles.
Paul Doherty, fund portfolio manager of HomeCo Daily Needs REIT, said the deal showed their strong advocacy for the future of Armstrong Creek.
“The 100 per cent leased, Dan Murphy’s-anchored investment is a great compliment to our brand new Coles-anchored neighbourhood shopping centre also within the Armstrong Creek Town Centre,” Mr Doherty said.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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