The recently launched Primewest Diversified Income Trust No4 has purchased the Moonee Market Shopping Centre in Coffs Harbour for $30 million.

Anchored by Coles and a range of daily needs tenants, the 10,751 square metre centre has frontages to Moonee Beach Road, Sullivans Road and Pacific Highway.

Primewest director John Bond said that with the acquisition of Moonee Market the Diversified Income Trust No 4 had already raised an initial $21.5 million, with plans to acquire up to $100 million of assets over the next 12 months.

At a glance: 

• Primewest Diversified Income Trust No4 has purchased the Moonee Market Shopping Centre in Coffs Harbour for $30 million.
• The 10,751 square metre centre is anchored by Coles and was fully refurbished in 2018.
• Primewest Diversified Income Trust No4 has plans to acquire up to $100 million of assets across the next 12 months.

“Moonee Market is a dominant, high-quality centre with an excellent mix of convenience specialty retailers and health and lifestyle tenants, all supported by a strong performing Coles supermarket with over 50 per cent of the income paid by national tenants,” he said.

“The centre was fully refurbished in 2018 and we are purchasing it at approximately 20 per cent below replacement cost.

“It is situated in a large and affluent catchment area with strong anticipated population growth.”

Mr Bond said the new trust was forecast to provide an average cash return on equity over 10 years of 7 per cent paid monthly.

"Primewest intends to target further high-quality properties for the new trust on yields typically ranging from 6-8 per cent and providing diversity by sector, tenant and location, as well as capital appreciation," he said.

"The Industrial Income Trust No 3 IS also forecast to provide a 7 per cent return on investment, with its first two assets, including the latest in South Australia, both 100 per cent occupied with a combined WALE by income in excess of 13 years."

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