A Neighbourhood Shopping Centre in Brisbane’s north has sold for $22.45m as demand continues for well leased convenience based assets.
The Kallangur Fair Shopping Centre, 12km north of Brisbane was sold to Ganellan Asset Management, reflecting a yield of 5.9%.
The Centre comprises a 3,247sqm Woolworths supermarket and 11 specialty tenancies with a total NLA of 4,710sqm.
Originally developed in 1993, the centre is situated on Kallangur’s main thoroughfare, Anzac Avenue on a 15,800 square metre site and features parking for 270 cars.
The weighted average lease expiry is understood to be 4.6 years.
The undisclosed vendor acquired the Centre from Charter Hall in 2018 for $21.4m.
Peter Tyson and Jon Tyson of Savills Retail Investments negotiated the sale of the Centre on behalf of the vendor.
Peter Tyson said, “Continued deep investor demand for retail assets generated strong interest from the market. The sale process generated multiple offers from local and offshore buyer groups, including private investors, syndicators and fund managers. The centre was ultimately acquired by a Sydney based consortium of private investors”.
Ganellan have previously acquired Kiama Village and Warners Bay Village in NSW.
The Murrumba Downs, Kallangur and North Lakes area is becoming a highly sought after area to live for young families with a median house price of $450,000 and good access by road and rail to the CBD.
A new IGA based Centre is soon to be developed on a parcel of land nearer to the Bruce Highway which is due for completion in early 2022. The Centre, being developed by Property Solutions will incorporate a large range of businesses including a medical centre, childcare facility, fuel station and a range of non discretionary convenience based retailers.
Just south of the Centre is the Petrie Paper Mill redevelopment area which is set to become a major centre for new health, retail, commercial and residential developments. Connected by heavy rail to the city, the development works include a new campus for the USC Moreton Bay (University of the Sunshine Coast), with stage 1 completed in early 2020. By 2030, USC Moreton Bay will cater for 10,000 students offering over 100 degree courses.
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