This article is from the Australian Property Journal archive
CHARTER Hall Retail REIT has continued its portfolio repositioning program, divesting its recently refurbished Kallangur Fair shopping centre for $21.38 million to an offshore private investor at a 15% premium to book value.
Savills agents Peter Tyson and Jon Tyson negotiated the sale of the Woolworths anchored neighbourhood centre, north of Brisbane, following an expressions of interest campaign.
Peter Tyson said continued investor demand for retail assets generated strong interest from the market and the result was in line with expectations. Offers were received from local and offshore buyer groups, including private investors, syndicators and fund managers.
Kallangur Fair comprises has enclosed mall featuring a 3,247 sqm Woolworths supermarket, a 420 sqm discount variety mini-major, and 10 specialties with a total gross lettable area of 4,703 sqm, and a weighted average lease expiry of eight years.
The Anzac Avenue site encompasses 15,800 sqm and features parking for 270 cars.
Charter Hall Retail REIT completed refurbishments of the mall last year.
The trust has sold off a number of non-core assets as it looks to optimise its portfolio in a bid to combat tough retailing conditions.
Among those have been Springfield Fair and Goonellabah in northern New South Wales for $38 million at a combined 10% premium to book value, and Albany Creek Square in Brisbane and Renmark Square in South Australia.
It also sold three supermarkets in Tasmania’s north that it sold for a combined $26.7 million, and the Thornleigh Marketplace for $43.1 million, and a Coles supermarket in Earlwood, both in Sydney’s upper north shore, for a combined $71.8 million.
Funds have been redirected to adding new centres to its core portfolio, including the Gateway Plaza shopping centre in Geelong’s Leopold more recently, and Salamander Bay shopping centre near Port Stephens and Highfields Village in Toowoomba last year.
Australian Property Journal
