Argus Kaipara No.2 Fund
HomeCentre Wagga Wagga
143 Hammond Avenue, Wagga Wagga NSW
The Property was originally developed as a Masters hardware anchored property then refurbished to include the construction of an internal mall area, leading into the Spotlight and Cheap As Chips store. The Fund acquired the Property for $22.94m in November 2021, at which time the Property had a significant vacancy rate. Working in conjunction with Kaipara Property Group, the Investment Manager secured a number of new tenants, including 4WD SupaCentre, SuperCheap Auto and Autobarn, lifting the occupancy rate to 100%. In addition, the Fund benefitted from the construction of two fast-food pad sites which will occupy an Oporto restaurant and Kickstart Expresso.
The property was sold in April 2025 for $45.0m.
The trading resilience of large format retail centres has become well recognised in recent years, due to the presence of established national retailers providing strong lease covenants, relatively long lease expiry profiles and attractive rents. The Investment Manager has been an active investor in the sector and sees continued opportunities to create value for investors in owning and developing within the asset class.
Upon divestment, the property was 100% occupied, up from an occupancy level of 50% at acquisition and had a strong WALE of 6.6 years.
| Fund Status | Property Sold |
| Acquisition Price | $22.94m (November 2021) |
| Divestment Price | $45.00m (April 2025) |
| Average Distribution Yield | 7.02% |
| Investor Return on Equity | 65.0% p.a. (forecast) |
| Investor Internal Rate of Return | 19.0% p.a. (forecast) |
