This article is from the Australian Property Journal archive
Trinity’s Consolidated Properties has bought a retail centre in Aitkenvale, Townsville for $8.35 million.
Consolidated Properties will now undertake a major redevelopment of the centre, which consists of the Sunvale Shopping Centre and Kingsvale Shopping Centre.
The asset is being acquired by Trinity’s Consolidated Development Trust.
The property is located on a 1.01 hectare site zoned Local Shopping and bounded by Ross River Road, Elizabeth and Patrick Streets. Current tenants include the ANZ and Bendigo Bank.
Consolidated Properties project partner Kieran Cox said the centre is strategically located on Ross River Road, directly opposite the Nathan Plaza sub-regional centre owned by Stockland and 100 metres from the Centro owned K-Mart Plaza.
“The centre currently comprises a series of single-level retail outlets located in four separate buildings.
“We plan to upgrade the complex, remix the tenancies and create a genuine convenience-based shopping centre, offering a more accessible alternative to what is currently on offer in the catchment area,” he added.
The centre was purchased from a local private family on an 8% passing yield. Settlement is due to occur at the end of November.
Upon completion of the refurbishment, the complex is expected to have an end value in the order of $15 million.
Trinity and Consolidated Properties have been actively buying in North Queensland.
Earlier this month, Trinity bought a freestanding Coles supermarket in Ayr, located 80 kilometres south of Townsville, for $9 million.
The Trinity Opportunistic Property Fund No 1 has also bought an 8.44 hectare site at Deeragun. TOP Fund will be seeking development approvals for a shopping centre on the Deeragun site.
Last week, Trinity Property Trust bought a $13 million shopping centre in the Forest Lake master planned community south-west of Brisbane.
By Nelson Yap
