Baron Vanilla sells Clarkson's Lifestyle Zone Ocean Keys for $50.25m

The report names CBRE’s Lachlan Andrew, Chloe Mason, James Douglas and Beau Coulter as the agents. It says they pointed to scope for rental growth through the existing lease structures, and to scope to reposition the tenancy mix.

The report does not name the buyer, so this story does not either. It also does not say whether the sale was off-market or run as a campaign, and it gives no settlement date.

Baron Vanilla Management is described in the report as the seller of a large-format retail complex. The asset sits in Clarkson, which realestatesource places in Perth’s north, and the report ties it to the northern coastal corridor of the city.

For readers tracking other Perth transactions, an earlier story on this desk is Claremont $41m aged care amenity row.

The numbers

The $50.25 million price and the seven per cent yield are the headline figures in the report. Beyond those, realestatesource gives the following details on the asset.

• Site area: 3.23 hectares.
• Building area: 14,004 sqm.
• Weighted average lease expiry: 5.3 years.
• Income mix: national and multi-site retailers account for 77 per cent of gross income.

On the seller’s history, realestatesource says Baron Vanilla Management acquired it in November 2021 via the BV Lifestyle Zone Trust. The article gives the earlier price as $35.5 million in its text and $35 million in a caption, so we have not calculated a gain.

What’s next

The report does not say when the sale settles or what the buyer plans for the centre.

The complex sits within Clarkson’s retail precinct. The report says that precinct includes the Dexus-owned Ocean Keys Shopping Centre at 35-36 Ocean Keys Boulevard, which has 120 stores, a Bunnings Mindarie and a Woolworths. It places both about 35 kilometres from the CBD, in the city’s northern coastal corridor.

All figures here are as reported by realestatesource.com.au.