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Non-bank lender MaxCap is providing Franze Developments with a $97 million first-mortgage facility to build a two-tower residential and hotel complex in the regional Victorian city of Geelong.
The Geelong Quarter project at 44 Ryrie Street, will have an end value of $200 million. It will include 124 residential apartments and a 180-room hotel with internal swimming pool, gym and restaurant.
MaxCap is providing a $97 debt facility to Franze Developmentsâ Geelong Quarter in the regional Victorian city of Geelong.Â
The project aims to capitalise on the growing popularity of life outside Melbourne, in part driven by the pandemic, said Johnny Woodhouse, MaxCapâs state director for Victoria.
SCA goes shopping in Mt Isa
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SCA Property Group has beefed up its holding in regional Australia after buying the Coles and Kmart-anchored Mount Isa Village mall for $44.2 million from an ISPT fund.
Under the deal, struck on an initial yield of 7.34 per cent, SCA takes ownership of the only major shopping centre in the remote northern Queensland mining town and the only one with air-conditioning.
Mt Isa Village is the only major mall in the remote mining town.
Mt Isa is more than 1800 kilometres by road from Brisbane and about 900 kilometres from Townsville.
“We’ve bought a good solid asset on a good solid yield,” said SCA chief executive officer Anthony Mellowes.
Private investor pays $38m for Geelong mall
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The Woolworths-anchored Bellarine Village Shopping Centre near Geelong has changed hands for the second time in less than three years amid a push by investors into neighbourhood malls and other non-discretionary retail assets.
Property records show Yunlong Lu placed a caveat over the property on March 11.
The Bellarine Village Shopping Centre includes a Woolworths and a Dan Murphy’s.
The Australian Financial Review understands a purchase price of $38 million was agreed with the Zahra family’s Westrent Properties representing a sub-5 per cent yield on passing income.
Westrent acquired the 10,439 square metre, single-level neighbourhood centre in Newcomb for $36.5 million in mid-2018 on a passing yield of 5.8 per cent a year after buying a Woolworths supermarket in Glenroy in Melbourne’s northern suburbs for $9.8 million.