Argus Morayfield Fund

HomeCentre Morayfield
321-343 Morayfield Road, Morayfield QLD

Property Description

Originally developed as a Masters hardware store, the 11,216sqm Property comprises a single level, warehouse style retail centre with an internal mall off a car-park with 320 customer parking bays. HomeCentre Morayfield is anchored by a large Amart Furniture store, along with Nick Scali, Sydney Tools, Early Settler and a Choice Discount store. The Property is currently 90.8% occupied (by gross lettable area).

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. This, together with the strong growth profile of the Caboolture-Morayfield area, were the key drivers behind the acquisition of the HomeCentre Morayfield. The Property has the potential to generate additional income through leasing the remaining vacant space and through identifying additional sources of income through reconfiguration of the Centre.

Key Fund Stats

Fund StatusFund Open
Acquisition Price$28.85m (May 2021)
Equity Raised$15.75m
Current Distribution Yield (% p.a.)8.35% p.a. (paid quarterly)
Key Tenants Amart Furniture, Nick Scali, Sydney Tools