Leading large-format retail landlord Home Consortium has offloaded two former Masters properties in Perth for just over $18 million. The group, which amassed a 700,000-square-metre portfolio of large-format retail properties after a $725 million acquisition of 61 Masters properties in 2016, sold down two former Masters hardware assets in the south of the Perth CBD because they were in more-industrial areas and did not suit the Home Consortium lifestyle and convenience retail profile of assets. In Bibra Lake, Home Consortium sold the office and airconditioned warehouses at 7 Sobek Pass for $10 million to a private high-net-worth group. The 13,197 sq m office and airconditioned warehouse sits on a 3.3-hectare site and can be used as an entertainment precinct, food or product storage, a hardware nursery or another large-format retail property. In Forrestdale, Home Consortium also offloaded a similar property at 600 Ranford Road to a development company, Property Development (WA) Pty Ltd, for $8.1 million in an unconditional cash offer. The 13,440sq m office and airconditioned warehouse also sits on a large site of 3.5 hectares. Both sales closed after 12ve months on the market. Savills' James Condon and Lachlan Webster brokered the deals. Since the Masters acquisition, Home Consortium, the private group backed by the owners of Chemist Warehouse, Spotlight Group, Aurrum and most recently Perth-based fund manager Primewest, has been actively redeveloping the Masters assets and reopening them as retail centres. The group had already renovated several ex-Masters properties in the growth corridors in Melbourne, Sydney, Brisbane, Perth and Adelaide into "centres with internal malls" at the end of last year. In WA, Home Consortium will continue to repurpose its three other West Australian properties, in Joondalup, Brighton and Ellenbrook, which will reopen this year and into 2019, a spokesman says. The rest of the Home Consortium portfolio is slated to open in 2018 and early 2019. In turn, the group has also sold down assets that didn't quite fit its lifestyle portfolio, including six stores leased to Bunnings in WA, NSW and Queensland to Charter Hall for $200 million, which transacted in October. Home Consortium, led by former UBS investment banker David Di Pilla, took the lion's share of the Masters sell-down in 2016 while retailer Spotlight bought another 21 ex-Masters development sites. Photo: Supplied

Home Consortium sells two former Masters properties in Perth for $18 million

Su-Lin Tan|Apr 17, 2019

Leading large-format retail landlord Home Consortium has offloaded two former Masters properties in Perth for just over $18 million.

The group, which amassed a 700,000-square-metre portfolio of large-format retail properties after a $725 million acquisition of 61 Masters properties in 2016, sold down two former Masters hardware assets in the south of the Perth CBD because they were in more-industrial areas and did not suit the Home Consortium lifestyle and convenience retail profile of assets.

In Bibra Lake, Home Consortium sold the office and airconditioned warehouses at 7 Sobek Pass for $10 million to a private high-net-worth group.

The 13,197 square metre office and airconditioned warehouse sits on a 3.3-hectare site and can be used as an entertainment precinct, food or product storage, a hardware nursery or another large-format retail property.

In Forrestdale, Home Consortium also offloaded a similar property at 600 Ranford Road to a development company, Property Development (WA) Pty Ltd, for $8.1 million in an unconditional cash offer.

The 13,440 square metre office and airconditioned warehouse also sits on a large site of 3.5 hectares.

Both sales closed after 12 months on the market.

Savills’ James Condon and Lachlan Webster brokered the deals.

Since the Masters acquisition, Home Consortium, the private group backed by the owners of Chemist Warehouse, Spotlight Group, Aurrum and most recently Perth-based fund manager Primewest, has been actively redeveloping the Masters assets and reopening them as retail centres.

The group had already renovated several ex-Masters properties in the growth corridors in Melbourne, Sydney, Brisbane, Perth and Adelaide into “centres with internal malls” at the end of last year.

In WA, Home Consortium will continue to repurpose its three other West Australian properties, in Joondalup, Brighton and Ellenbrook, which will reopen this year and into 2019, a spokesman says.

The rest of the Home Consortium portfolio is slated to open in 2018 and early 2019.

In turn, the group has also sold down assets that didn’t quite fit its lifestyle portfolio, including six stores leased to Bunnings in WA, NSW and Queensland to Charter Hall for $200 million, which transacted in October.

Home Consortium, led by former UBS investment banker David Di Pilla, took the lion’s share of the Masters sell-down in 2016 while retailer Spotlight bought another 21 ex-Masters development sites.