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.
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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.