Connect with us

commercial

Three Major Regional Retail Centres In Queensland Sell For $82 Million

Published

on

sunshine coast

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

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

commercial

Stockland sells beachfront site on the Sunshine Coast for $8.3m

Published

on

Stockland sells beachfront site on the Sunshine Coast for $8.3m

Queensland builder and developer RGD Group has purchased a beachfront development site on the Sunshine Coast in Queensland from Stockland for $8.3 million.

RGD plans to build a $70 million mixed-use apartment project on the 3977-square-metre site at Lot 905 Bokarina Boulevard, Bokarina Beach. The sale closed with an approval for 63 apartments and about 500sq m of retail space.

The sale is part of Stockland’s long-term strategy to invite external investment into its Oceanside masterplanned community in the area, which includes residential, retail and retirement projects.

Colliers International’s Baydn Dodds brokered the deal.

Brisbane office sale

Brisbane investor Renweed Pty Ltd has bought a 12-storey office building at 26 Wharf Street in the Brisbane CBD for $9.8 million.

It plans to refurbish and re-lease the property as a premium boutique B-grade tower.

Malaysian owner HCK has owned it since 2012 and sold the property to invest outside Australia. It will also be selling its other Brisbane CBD tower, 116 Adelaide Street shortly.

Transaction Property Services’ Marc Stuart represented Renweed while Colliers International’s Sam Biggins and Tony Wang brokered the sale.

Three’s a charm

A private buyer has bought three adjoining warehouses in Melbourne’s west for $2.8 million on a yield of 6.81 per cent.

The individually titled lots at 90, 94 and 98 Proximity Drive, Sunshine West in Melbourne have a total building area of 1907sq m.

They have secure gate access and yards, three-phase power and staff amenities.

CBRE’s Ricardo Cappelletti, Fergus Pragnell, Tom Murphy and Tim Homes negotiated the deal.

Medical centre changes hands

Charter Hall has sold a vacant medical centre in eastern Melbourne for $1.46 million to an owner-occupier.

Sitting on 1418sq m, 529 Mitcham Road, Vermont had an existing fitout for five consultation rooms, ready for immediate occupation as well as a permit for three medical practitioners.

CBRE’s Sandro Peluso, Josh Twelftree and Jimmy Tat finalised the deal.

Candle burns brightly

A local investor has paid $3.9 million for two office buildings at 60 Edmondstone Road, Bowen Hills, just north of the Brisbane CBD.

The 990sq m blocks are a mix of office, boardroom, gym and outdoor terrace spaces. They sit on a 2068sq m site with 35 car park spaces.

The site has a history of candle and soap manufacturing, dating back to the 19th century.

JLL’s Andrew Havig negotiated the deal.

One sip and you’re hooked

Developer Evans Long has sold eight of 20 strata lots at the neighbourhood commercial centre at 8 Fairfax Street, Sippy Downs in Queensland for more than $10 million.

Evans Long made a decision to strata title Central Sippy Downs. made up of three distinct buildings sitting on 7843sq m to target smaller commercial owner-occupiers and investors.

Individual sales of $540,000 to $3.6 million were struck at yields between 6.1 and 6.8 per cent. Evans Long is planning to develop another similar two-storey building on site.

The deal was marketed by Colliers International’s Nick Dowling and Daniel Vella.

Stockland sells beachfront site on the Sunshine Coast for $8.3m 1

Inner city warehouse

Private company Seatech Industrial Pty Ltd has bought a two-storey 450sq m warehouse building in Chippendale in inner city Sydney for $4.8 million at a yield of 3.75 per cent.

The 259sq m site at 18 City Road offers development upside and is suitable for a mixed-use and student accommodation development.

Savills Australia’s Tom Tuxworth, David Hickey and Nick Lower closed the deal.

Source: www.afr.com


Continue Reading

commercial

One of only five Hastings Street retail freehold’s sold for $5.6 million

Published

on

One of only five Hastings Street retail freehold's sold for $5.6 million

An interstate investor purchased a Noosa Heads retail institution “Signature on Hastings”, for $5.6 million following an off-market campaign.

Situated at 18A Hastings Street, (pictured in title) the asset was one of only five single use freeholds left on the famous strip.

It comes as a 180 sqm NLA retail investment on a 97 sqm allotment.

The vendor had held the property for over 30 years.

The property produces an annual income of $306,000 p.a. net* + GST.

It was sold by Ray White Commercial Noosa and Sunshine Coast North directors Paul Forrest and Paul Butler.

Mr Forrest said, “Hastings Street is highly sought-after by wealthy investors and remains very tightly held, with freehold properties particularly desired.”

“The buyer already owns several assets on the strip, so they were one of a few parties we approached.”

“We’re delighted that following the success of our off-market campaign and long history of successful sales, we’ve been appointed as exclusive agents for the sale of ‘Peter Alexander’ at 28 Hastings Street (pictured below),” he added.

One of only five Hastings Street retail freehold's sold for $5.6 million..

Mr Butler said Signature on Hastings was a Noosa institution and was a unique concept store that was well-known by locals and tourists alike.

“The shop opened its doors on Noosa’s now-famous Hastings Street shopping strip in 1990 and it’s genuinely adored by everyone,” he said.

“The creation of interior designer Gail Hinkley, it started as a small women’s clothing and gift store, and has now grown into a well-established name in the homeware industry.”

“Hastings Street is Queensland’s premier tourist destination and retail street. It vastly out-strips the Gold Coast, Port Douglas and Mooloolaba Esplanade,” Mr Butler concluded.

Source: www.propertyobserver.com.au

Continue Reading

commercial

FIRST COMMERCIAL BUILDING APPROVED FOR MAROOCHYDORE’S NEW CBD

Published

on

FIRST COMMERCIAL BUILDING APPROVED FOR MAROOCHYDORE’S NEW CBD

The first commercial development approved for the Sunshine Coast’s new cutting-edge central business district is a sign of the region’s “coming of age”, the project’s developer says.

The $30 million Foundation Place is set to become the first building in SunCentral’s Maroochydore city centre, with construction expected to start in June following strong interest from businesses looking to get a foothold in the building.

The eight-level, energy-efficient office complex features more than 5000 square metres of space, incorporating ground-floor retail, five levels of commercial and office space as well as car parking across two podium levels.

It will also become the home of its developer, Sunshine Coast’s Evans Long, with the project only needing pre-commitments of about 20 to 25 per cent to proceed.

“We’ve got enough enquiry to build it more than twice. We’re comfortable with the amount of enquiry that we have at this point,” Evans Long director Dirk Long said.

Transact Property Group associate director Daniel Cullinane said rental and sales enquiry in the first week of project launch had been strong, especially from big and small local businesses looking to stake their claim in the new CBD.

“We’ve been inundated with enquiry over the last week from 100 square metres to full floors – it’s just been crazy,” he said.

FIRST COMMERCIAL BUILDING APPROVED MAROOCHYDORE’S NEW CBD

An artist’s impression of how the Maroochydore CBD will look.

“They just see the potential of the CBD and that’s the biggest draw card. From the initial enquiry, there is a really diverse range of people who are coming through.

“You’ve got people who are household names and you’ve got people that you have never heard of, but they are all those entrepreneurial, visionary-type of businesses.”

Office rents range from $380 to $400 per square metre net, with ground floor retail rents priced between $750 to $800 per square metre. Sale prices are about $5450 per square metre.

Businesses can buy or lease a full floor of the building or as little as 80 square metres of office space with retail zones also available for sale or lease.

Foundation Place will be the first private building on the Sunshine Coast to have a Five-Star NABERS rating.

However, as well as a plethora of sustainable features and a design that makes the most of the coast’s sub-tropical climate, the building also heralds the start of something much bigger for the entire region, Mr Long said.

He said population growth, a significant infrastructure program, and a commercially-minded local council meant that the coast was about to economically come into its own, which had positive ramifications for generations of its residents.

“The wave always follows that. You’ve got to be there, and you’ve got to be ready, because once the wave comes through it’s too late to try put your foot on blocks of land and create a development business because you can’t start one from scratch,” Mr Long said.

“It’s a coming of age for the Sunshine Coast and with that comes the detractors but with that comes the positivity as well.

“We’ve kept our identity, we’re going to have a population that gives us our own economies of scale so there is depth in the market, and there is a future for us and for future generations.”

Source: commercialrealestate.com.au

Continue Reading

Make Your Super Work

smsf property investment smsf borrowing

Positive Cashflow Property

duplex designs, dual occupancy homes

Property Investment Advice

investment property calculator successin property

Trending