This article is from the Australian Property Journal archive
Sydney-based private equity firm Blackfox Property has acquired a prized large format retail centre from former Queensland premier Campbell Newman’s Arcana Capital on a yield of 7.25%.
Savills’ Peter Tyson, Joe Maloney and Jon Tyson negotiated the deal of the Centrepoint property located at 227-231 James Street, Toowoomba on behalf of Arcana.
Blackfox Property gazumped strong competition for the asset, which sold for $16.78 million.
The agents said the property received over 200 enquiries and six formal offers were submitted.
The sale price represents a rate of $2,266 per sqm.
Located in Toowoomba City, the property comprises a floor area of 7,406 sqm and with car parking spaces for 166 vehicles, set on 1.17 hectares site.
It was sold fully leased to eight tenants on a net income of $1,217,492 per annum.
The centre has an attractive rental growth profile with all tenancies featuring fixed annual rental increases of between 2.5% and 3.5%.
Arcana acquired the property in 2018 for $13.75 million from a Toowoomba-based family.
Headed by former premier and lord mayor of Brisbane, Campbell Newman, Arcana Capital has been operating since 2015, and has successfully completed the acquisition and ongoing management of 37 properties worth over $271 million and raising over $163 million in investor equity.
