Charter Hall's Long WALE Hardware Partnership Trust has sold the Great Western Super Centre in Brisbane's Keperra to Consolidated Properties Group and CVS Lane Capital Partners for $84.5 million.
The centre, which Charter Hall had acquired in 2013 for $65m, includes 15,414sqm of floor space on a 6.5ha site. The Cente is anchored by Woolworths and Aldi, alongside six mini majors and 44 specialty stores.
Charter Hall retained ownership of the Bunnings Warehouse adjacent to the Centre.
The Centre was offered to the market by JLL via an Expressions of Interest campaign in May 2019 with hopes of achieving in excess of $90m for the asset. The sale price represents a value of $5,482/sqm of NLA or $1,302/sqm of site area. The passing yield for the centre was not disclosed, however estimates based on previous market information suggests that fully leased net income for the Centre was approx $5.25m, suggesting a yield of approx 6.2%.
Adjoining the site is a large undeveloped 48ha parcel of land which Frasers acquired in Dec 2019 for $31m. The site is provisionally approved for the development of a masterplanned residential community with up to 700 homes and approximately 60 per cent open green space.