Argus Kaipara Fund

HomeCentre Bathurst
3 Pat O’Leary Drive, Bathurst, NSW

Property Description

The Property, originally developed in 2014 as a Masters anchored home improvement centre, is anchored by a large 9,609sqm Harvey Norman store and Spotlight, together with a number of other leading large format retailers – PETstock, Godfreys, Home Sweet Home and a Plus Fitness gym. Since acquiring the property, Cheap as Chips and JayCar have leased space in the Centre, increasing the occupancy rate to 100% of the Gross Lettable Area. There is the potential to expand the Centre across the 5.22ha site to accommodate new tenants.

Investment Rationale

With the ongoing impact of the COVID-19 pandemic in Australia, the essential infrastructure characteristics of home improvement centres have been well recognised. In addition, the strength and resilience of large regional centres across Australia has been proven. The Property was purchased off-market and is managed in conjunction with Kaipara Property Group, a Sydney based property firm with experience in the development and management of retail shopping centres.

Key Fund Stats

Fund StatusFund Open
Acquisition Price$16.95m (January 2020)
Equity Raised$12.7m
Current Distribution Yield (% p.a.) n/a
Key Tenants Harvey Norman, Spotlight