Property fund manager Fawkner Property has acquired Coles-anchored Clifton Village Shopping Centre from Indigenous Business Australia, as trustee for the IREIT Sub-Trust (IBA), for $34 million.
CBRE’s Michael Hedger, Joe Tynan and Danny Betros exclusively managed the sale.
Mr Hedger noted the Expression of Interest campaign was strongly contested. More than 112 direct enquiries from private investors, syndicates and institutions were received with nine competitive offers presented at the close, demonstrating the continued demand in the neighbourhood investment sector.
Mr Hedger said, “Since the relaxation of monetary policy we have seen stronger enquiry levels across all retail investment campaigns in the market with new purchaser groups accounting for 28%, predominantly in the private and syndications sector.”
Located 24km north of the Cairns CBD in Clifton Beach, the 7,811sqm shopping centre is underpinned by a recently refurbished Coles supermarket, one mini-major and 23 specialty stores. The income profile includes a strong national tenant line up including The Reject Shop, Liquorland and Domino’s, supported by an allied health precinct with Terry White Chemist, QML Pathology and a large medical centre.
Mr Tynan said, “With the increasing construction costs putting pressure on new supply and future development feasibility, we continue to see strong demand from investors for assets that show value well below replacement costs.
The sale of Clifton Village Shopping Centre is the third retail property that CBRE has sold in Far North Queensland in 2025, including ISPT’s acquisition of North Shore Marketplace for $33 million.
It represents Fawkner Property’s third shopping centre acquisition in Cairns in recent years following its purchases of Earlville Shopping Town in 2022 ($146 million) and Cairns Central Shopping Centre in 2024 ($390 million). Within the past two years Fawkner Property has acquired over $1.85 billion in shopping centres across Australia that has also included the purchases of Gladstone Square Shopping Centre ($26.7 million), Willows Shopping Centre in Townsville ($212 million) and Gladstone Centre Plaza ($139 million), making the fund manager the dominant owner of shopping centres in Central and North Queensland.
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