This article is from the Australian Property Journal archive
A PRIVATE investor has bought the Beaudesert Fair shopping centre in Queensland's Scenic Rim Region for $18.5 million an initial yield of 7.55%.
The property was purchased by Allo Pty Ltd & Delvu Pty Ltd, in a deal negotiated by JLL’s Jacob Swan and Sam Hatcher with Carl Molony and Jonathan Fox from Stonebridge Property Group, on behalf of Centuria Property Funds.
Located at 32-40 William St Beaudesert, 65km from Brisbane’s CBD and 72km from the Gold Coast, the centre comprises 7,290 sqm of GLA, anchored by a 4,421 sqm Coles supermarket, along with a 805 sqm mini major Target Country store, 19 specialty tenancies and a medical centre, as well as 278 at grade car spaces, on a 19,960 sqm site.
The centre’s fully leased net income is $1,655,095 p.a.
Centuria unlisted property funds CEO Jason Huljich said Centuria has taken advantage of QLD’s strong retail property market with the sale of the centre.
“The retail sector in QLD has continued to gain momentum during 2014 making it a prime time to offload this asset. The sale of the property was in line with the fund’s mandate to sell the remaining properties and wind up this particular fund.
“Prior to marketing the property for sale Centuria carried out extensive refurbishments to the shopping centre and expanded the medical facility to maximise the appeal of the property and its sale price.
“In 2015 we will continue to divest of properties in accordance with our fund exit strategies and acquire assets which present opportunities for capital growth and good returns for investors,” Huljich said.
Australian Property Journal
