Three major regional neighbourhood shopping centres have sold in Queensland over the past week with a collective value of over $82 million.
Two Coles-anchored regional shopping centres and a large-format retail centre sold after attracting strong interest from the interstate.
The Coles-anchored Peregian Springs Shopping Centre sold for $41.5 million, with an initial passing yield of 5.35 percent. The centre is reported to be 99.6 percent occupied.
An unnamed Queensland investor acquired the centre on Queensland’s Sunshine Coast following a formal expression of interest campaign conducted by JLL and CBRE on behalf of Alceon Group and CPRAM Investments.
The 4,800 square metre Peregian Shopping Centre was last sold for $20 million in 2012.
Peregian Shopping Centre in Caloundra sold to private investors for $41.5 million
A second regional retail asset 15km south of the Cairns CBD was sold to the ASX-listed Shopping Centres Australia for $24,750,000.
The centre is anchored by a Coles Supermarket and is supported by 12 specialty retailers and a Coles Express service station pad site.
Shopping Centres Australia is a REIT with assets predominantly anchored by non-discretionary retailers across Australia.
Vendor, the industry superannuation property fund ISPT’s retail property trust IRAPT was represented by JLL’s Jacob Swan.
“The centre attracted a strong level of interest from institutional investors, syndicators and high net worth individuals as a result of the extensive 10.91 years WALE and the 20-year Coles lease, providing outstanding long-term security,” Swan said.
Neighbourhood transaction volumes in Queensland increased by 15 percent in the last 12 months to September 2017 despite being 10 percent lower on a national basis over the same period.
The results highlight the depth of activity and opportunities in Queensland, while other markets around the country remain more stock-constrained.
Tourism in far north Queensland injects $4.7 billion into the region’s economy, with over 1.04 million visitors to Cairns last year.
A West Australian-based syndicator has acquired the Woolcok Street Supa Stores in TownsvilleWest Australian-based syndicator Properties and Pathways acquired a large format retail centre in Townsville, northern Queensland for $16 million.
The deal, which was struck on behalf of a North Queensland-based private investment group, reflected an initial yield of 7.42 percent.
CBRE’s Peter Rossi negotiated the sale of the Woolcock Street Supa Stores with Quinlan Property Group’s Michael and John Quinlan.
Rossi said the campaign had attracted a high level of interest, with over
75 enquiries from across Australia.
The 7,563 square metre centre is 100 percent leased to four national tenants, including Fantastic Furniture, which accounts for 45 percent of the income.
Toyworld has been a tenant in the centre since 2004, with Intersport another long-standing tenant. The property is also the major Townsville outlet for the Salvation Army.
Originally Published: www.theurbandeveloper.com