The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE IN ONE WEEK RECOGNISING THE PEOPLE BEHIND THE PROJECTS
NOMINATIONS CLOSING NEXT WEEK URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
6
print
Print
OtherMon 16 Jul 18

Consolidated Property, CVS Lane Add $50m Centre to Growing Retail Portfolio

a92f0b62-71bf-4c25-ba9c-d1a762c96b91

Consolidated Properties Group and property finance company CVS Lane Capital Partners has added another asset to their retail property partnership with the acquisition of the Wilsonton Shopping Centre in Toowoomba.

The deal marks a busy period for the retail partnership which has plans to grow a 10-strong portfolio of centres along the nation’s eastern seaboard.

Plans for the shopping centre, which offers 18,500sq m of retail space anchored by Coles and Woolworths Supermarkets along with 45 speciality stores, include a major refurbishment and re-leasing program.

Assets developed within the Consolidated Properties and CVS retail partnership have a completed value tipping the $400 million mark, in line with the partnership’s mandate to grow the portfolio to $600 million across the next two-three years.

CVS Lane managing director Lee Centra said the group was attracted to the strong fundamentals of the shopping centre with heavyweight supermarket tenants showing a solid trading history.

“Our capital works and leasing program at the centre will create a market-leading retail environment focused on convenience and non-discretionary tenants,” Centra said.

Previous owner, Investment fund Ario, had a $70 million vision to transform the Wilsonton shopping centre, but placed the centre into receivership in June of 2016.

Related: Brisbane Apartment Market Looks Up

The first asset developed by the duo was a Coles-anchored neighbourhood shopping centre in Casuarina Village on the NSW Tweed Coast.

The partnership sold the Coles-anchored centre for $27.4 million on a 5.9 per cent yield to Sydney-based investor Whistle Funds Management in December.

Consolidated Properties Group executive chairman Don O’Rorke said Consolidated Properties has developed more than 40 retail centres in the past 40 years.

“This experience in identifying opportunities and delivering upon a tested strategy is producing pleasing results for the company and our partners.”

Other projects currently under way for the retail parternship include two Queensland sites, the $80 million redevelopment of Karalee Shopping Village in Ipswich and a $60 million redevelopment of Pavilions Palm Beach.

Also in the pipeline is a major retail and lifestyle centre planned for development within the Yeerongpilly Green master planned community in Brisbane’s inner-south.

OtherRetailAustraliaToowoombaSector
ADVERTISEMENT
TOP STORIES
Exclusive

No Cookie Cutters: Finding Feasibility in HAFF Projects

Patrick Lau
6 Min
Exclusive

Brisbane Transaction Activity Steams Ahead for A-Grade Residential

Taryn Paris
5 Min
Exclusive

Starchitect Ivan Harbour on the Power of Small Spaces

Taryn Paris
6 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
View All >
Qld Affordable Housing New Strategy hero
Affordable & Social Housing

Qld Unveils Affordable Housing Supercharge Strategy

Phil Bartsch
Mirvac and Mitsubishi Estate Co. Ltd (MEC) have announced a joint venture agreement for the delivery of Mirvac’s
Harbourside project in Sydney, which has an expected end value of over $2 billion.
Residential

Japanese Giant Strengthens $18bn Hold on Australian Property

Vanessa Croll
Development

South-East Queensland Ripe for Investment, Challenges Remain: Don O’Rorke

Taryn Paris
At Consolidated Properties Group’s showcase, 1000 industry players heard why the region is booming—and what's holding it…
LATEST
Qld Affordable Housing New Strategy hero
Affordable & Social Housing

Qld Unveils Affordable Housing Supercharge Strategy

Phil Bartsch
3 Min
Mirvac and Mitsubishi Estate Co. Ltd (MEC) have announced a joint venture agreement for the delivery of Mirvac’s
Harbourside project in Sydney, which has an expected end value of over $2 billion.
Residential

Japanese Giant Strengthens $18bn Hold on Australian Property

Vanessa Croll
4 Min
Development

South-East Queensland Ripe for Investment, Challenges Remain: Don O’Rorke

Taryn Paris
3 Min
Councils can access new infrastructure funding in return for speeding up development assessments.
Policy

NSW Unveils $200m Infrastructure ‘Carrot’ for Councils

Patrick Lau
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/consolidated-property-cvs-lane-add-50m-centre-asset-to-growing-portfolio