Mosman Bridgepoint shopping centre sells to Chinese investor

A Chinese buyer has paid $42.85 million for the Bridgepoint Shopping Centre in Mosman on the Sydney North Shore.

The price reflects a yield of 8.2% on fully leased gross income of about $4.9 million per year.

It features gross lettable area of 6,752 square metres and is located on the corner of Military Road at Mosman Junction and Brady Street at Spit Junction.

The centre is anchored by Franklins supermarket, Harris Farm Markets, Mosman Professional Centre and 34 specialty stores and serves a local community of about 27,000.

The shopping centre was sold by Lieve Li of Buckingham Real Estate on behalf of developer Frasers.

The shopping centre last changed hands in 1993 when it was sold to Singapore-backed Frasers Property Australia for $25.5 million.

It was marketed for sale in 2009 by Jones Lang LaSalle but failed to attract a buyer.

The shopping centre was developed by Brierley Investments' hotel business Austotel, which at one time counted Allan Bond as a 26% shareholder, in addition to Victorian poker machine king Bruce Mathieson.

Austotel was snapped up by Foster in 1998 for $300 million. Austotel owned 56 Australian hotels and 47 detached Queensland bottle shops.

According to the Australian Financial Review, the buyer also owns a bulky goods retail investment in Sydney.