This article is from the Australian Property Journal archive
THE Elanor Retail Property Fund is selling three shopping centre assets located in Taree, New South Wales and Moranbah and Gladstone in Queensland, as part of its structured divestment program.
Following a strategic review ERF will focus on non-discretionary value-add retail assets and conduct a structured sales program for the Fund’s Income assets.
Elanor Investors Group CEO Glenn Willis said that ERF will focus on retail assets that provide opportunities for high, risk-adjusted total returns from realising the highest and best use via a repositioning of the centres’ retail tenant mix and/or unlocking the assets’ development potential.
Exclusive marketing agents Savills’ Peter Tyson, Steven Lerche and Jon Tyson expect the three shopping centres will attract significant investor interest in a market which continues to show a deep appetite for non-discretionary retail investments.
“All three assets offer extremely strong investment attributes underpinned by high trading non-discretionary supermarket sales that enjoy excellent market share in each of their respective markets,” Peter Tyson said.
Manning Mall is an enclosed 10,745 sqm shopping centre located in the CBD of Taree, New South Wales. Anchored by a strong performing Coles supermarket currently in turnover rent and a mid-size Target, the centre comprises 29 specialty shops and four kiosks focused on non-discretionary goods and services.
Moranbah Fair is a fully enclosed 7,052 sqm neighbourhood shopping centre, located in the CBD of Moranbah, Queensland. The fully leased centre is anchored by a strong trading Coles supermarket, Target Country and a KFC, along with 12 specialty shops, two kiosks, six offices and a KFC drive-through pad site.
Tyson said that the centre has absolute dominance in its catchment, being the only major retail and supermarket offer servicing Moranbah and the surrounding Isaac Regional Council area.
Gladstone Square is a single level 6,861 sqm neighbourhood shopping centre located in the CBD of Gladstone, Queensland. Anchored by a Woolworths supermarket leased until 2036, the centre includes a Reject Shop and 27 specialty shops focused on non-discretionary goods and services.
Peter Tyson said the timing of the offering sits well with national retail property transactions currently running at over $6 billion a year.
“The most popular retail asset class in the market remains Coles or Woolworths anchored neighbourhood centres due to their resilient predominantly non-discretionary spend focus, underpinned by food and service tenants and their liquidity in the marketplace,” Tyson said.