This article is from the Australian Property Journal archive
BRISBANE-based investment managers Marquette Properties has acquired the Caloundra Village shopping centre on the Sunshine Coast for $18 million, as shopping centre sales activity through Queensland’s south-east continues to build.
Marquette purchased the Princes’ Supa IGA-anchored, convenience-based centre at 1 Ormuz Avenue as a syndicated investment at an initial yield 6.89%.
The 3,009 sqm complex is on a 7,764 sqm site and includes 14 specialty shops, with tenants including Australia Post, Direct Chemist Outlet, Cruiseabout Travel and BWS. It has frontage to Ormuz Avenue, Bingera Terrace and Wyreema Terrace, and has on-site parking for 112 vehicles.
Savills agents Peter Tyson, Dustin Welch and Peter Capps sold the shopping centre following an expressions of interest campaign.
Tyson said the campaign attracted strong interest reflecting the active retail market, with buyer attracted to its strong trading performance and defensive convenience format.
He said the centre also offered long-term future redevelopment potential.
“As a large CBD landholding with three street frontages and a multi-story zoning, Council are in the process of implementing a new Caloundra CBD Renewal Project, which will lay the foundations for new development, with increased height and densities as well as investment in public infrastructure,” Tyson said.
Last month, Greg Karedis sold the Woolworths-anchored Eli Waters Shopping Centre on the Fraser Coast for $33.2 million at a 6.6% yield to Chin Yuan International Enterprise Pty Ltd.
The 6,338 sqm centre has 23 specialty shops and a kiosk, and sits on a 2-hecatre corner site with 324 car parks, adjacent to a large format retail centre anchored by Harvey Norman.
July saw Melbourne-based fund manager MPG Funds pick up the Woolworths-anchored Beaudesert Shopping Centre in an off-market deal for $16.85 million, at an initial yield of 6.5%.
ASX-listed SCA Property Group bought the Worongary Town Centre on the Gold Coast in June for $46.3 million on a 6% yield following more than 200 enquiries.
Also on the Gold Coast, the brand-new Pacific Pines Coles supermarket sold under the hammer for $30.025 million on a tight 4.63% yield. Coles put the property to the market with a long-term net lease to the major supermarket of 15 years and four 10-year options.
It came within weeks of a Chinese investor purchasing the Pinnacle Pines retail centre in the same suburb, which has a 7-Eleven service station and McDonald’s, for $19.7 million at 5.47%.
In Brisbane, a private investor with deep pockets splashed out $35.2 million for the Coles-anchored Park Village Shopping Centre in Brisbane’s Middle Park at 6.47%.
The expressions of interest campaign for Alceon and joint venture partners CPRAM Investments’ Peregian Springs Shopping Centre near Noosa closed last month. It was put on the market with hopes of fetching $45 million, and is anchored by Coles and has 14 specialty tenancies.
The 4,772 sqm centre covers only a small amount of the 3.726-hectare site, which has 4,380 sqm of immediately developable land that can be extended to 6,500 sqm.
Australian Property Journal
