This article is from the Australian Property Journal archive
CENTRO Retail Trust and Centro Australia Wholesale Fund have jointly put one of their top four shopping centres on the market.
The Centro Toombul centre is ranked as CER and CAWF’s top fourth property behind Centro Galleria, Perth; Centro The Glen, Victoria; and Centro Colonnades, South Australia in Australia, in terms of annual base rent.
The centre was last valued at $270 million as at June 30 2007 on a yield a 6.3%.
The property being marketed by Jones Lang LaSalle via an expressions of interest campaign closing 12 Noon Thursday September 04.
Centro Toombul is a regional shopping centre located approximately 7kms north of Brisbane’s CBD and 4.5kms south west of the Brisbane International and Domestics Airports.
The centre has a gross lettable area of 49,228 sqm and is currently anchored by five major retailers including David Jones, Coles, Bi-Lo and Aldi supermarkets, and Kmart; four mini-majors; 152 specialty tenancies; 10 commercial offices; 15 kiosks; and 10 ATMs.
The centre also provides car parking for 2,788 vehicles. The centre’s fully leased net income is $17.36 million.
Built in 1967, Centro Toombul was recently refurbished in 2006 to make room for Aldi, a Fresh Life precinct and new speciality shops.
JLL’s head of retail investments Simon Rooney said the property sits on a high profile retail location, on a 10.17ha site which provides significant mixed use redevelopment opportunities.
He added the centre includes an additional development site of 2,791 sqm situated directly opposite the main entrance on the northern side of Masefield Street.
In late 2007, Centro submitted a Development Application to the Brisbane City Council to give the centre a $60 million makeover, increasing the centre to 51,065 sqm – to incorporate a new discount department store, food court and office tenancies.
The reconfiguration assumes David Jones and Bi Lo retailer’s relinquish their tenancies.
“Centro has engaged Incoll to investigate the potential to maximise the mixed use potential of the site. At this point, Incoll have identified three potential sites to build high rise office and residential buildings on site.
“It is noted that no approval has been provided for any of the Development Applications lodged to date and therefore numerous schemes could suit the potential mixed use potential of the site,” Rooney added.
Meanwhile, the Centro MCS9 syndicate is currently marketing its entire portfolio of $308.95 million five properties portfolio. The EOI closes on 12 Noon Tuesday August 26.
|
Property |
State |
December 31 2007 Valuation |
|
Centro Hollywood |
SA |
$108,500,000 |
|
Centro Dianella |
WA |
$64,250,000 |
|
Raintrees Shopping Centre |
Qld |
$39,500,000 |
|
Hamilton Central |
Vic |
$24,200,000 |
|
Centro Gympie |
Qld |
$72,500,000 |
|
Total |
|
$308,950,000 |
Australian Property Journal
