This article is from the Australian Property Journal archive
Trinity?s Consolidated Properties has bought the Kippa Ring Village shopping centre on Brisbane?s Redcliffe Peninsula for $31.12 million.
Consolidated Properties is buying Kippa Ring Village on a passing yield of 6.5%.
The older-style Woolworths-anchored complex has a net letable area of 10,200 sqm, which includes an 800 sqm stand alone medical centre, a two-level commercial building and professional suites. Other tenants include ANZ, Bank of Queensland, Crazy Clarks, Lowes and Birite Electrical. The 1,000 sqm commercial building is fully leased to NAB and Queensland Diagnostic Imaging.
The property is being acquired for Trinity’s recently created Consolidated Development Trust with settlement due on February 28, 2007.
Kippa Ring Village is located on a 3.5 hectare site with frontages to Anzac Avenue, Boardmans Road and Elizabeth Avenue and currently provides onsite parking for 500 cars.
Consolidated Properties project partner Kieran Cox said Kippa Ring Village was earmarked for a $15 million expansion and refurbishment.
“The centre is well suited for a major expansion and Woolworths has already expressed interest in expanding its outlet. Woolworths currently occupies a 2,000 sqm supermarket and has 10 years remaining on its lease term.
“The existing centre has historically enjoyed strong trading figures and low vacancy levels. It is ideally placed for a significant refurbishment,” he added.
Consolidated Properties is also looking at developing a second office building within the medium term.
Included in the Kippa Ring Village sale transaction is the acquisition of 1,200 sqm of adjoining residential land.
“Kippa Ring Village is in a prime location on the growing Redcliffe Peninsula, located 37 kilometres north of Brisbane’s CBD. Redcliffe is continuing to benefit from people seeking a ‘sea change’ lifestyle and has a broad-based economy,” he said.
Kippa Ring Village was acquired from a private Brisbane investor and the transaction was negotiated by L.J. Hooker Commercial’s Peter Kneipp.
Consolidated Properties also bought in October 2006 a freestanding Coles supermarket in Ayr, located 80 kilometres south of Townsville, for $9 million.
Australian Property Journal
