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RetailStaff WriterTue 22 Nov 16

High Retail Demand Sees Caboolture Square Sell

Screen-Shot-2016-11-23-at-2

Caboolture Square in Brisbane’s north has sold for over $27 million in a transaction negotiated by JLL’s Jacob Swan and Sam Hatcher.

Recently refurbished, the centre was purchased by Alceon Group. The sale represents a passing initial yield of 7.38 per cent for the vendor, the Charter Hall Retail REIT.

Sub-regional shopping centres remain a very actively traded part of the Australian retail market, according to JLL Director of Retail Investments Sam Hatcher.

“Sub-regional centres have had the highest transaction volumes nationally of any retail sub-sector in 2016,” he said.

“Year to date, volumes are at $1.48 billion nationally with Queensland contributing $450 million to that figure.

"There have been no transactions of Regional Centres in Australia since 2014, which has contributed to the competition for sub-regionals.”

He said REITs continued to capitalise on the strong retail conditions by recycling capital into new acquisition and development opportunities.

“We are seeing ongoing demand from a range of investors for value-add investments that have leasing and development potential,” he said.

“Investors are pursing value-add assets due to the attractive yield premium available relative to core assets.”

Caboolture Square is a multi-level centre based in the business and administration precinct of the Moreton Bay Council Local Government area (LGA).  The Centre is located on King Street, the main thoroughfare in Caboolture and is an example of a thriving sub regional centre positioned in one of South East Queensland’s main growth corridor.

The Centre is anchored by Coles Supermarket and Kmart Discount Department Store and supported by 1 mini-major, 35 specialties, five ATM’s, one kiosk, five office tenancies and nine complementary non-retail tenants, encompassing a total GLA of 16,253 square metres.

Mr Hatcher said the comprehensive mall upgrade and refurbishment of Coles and Kmart contributed to a strong growth in the MAT for the two major tenants.

“The annual turnover for Coles and Kmart in the centre has increased by 2.3% and 12.6% respectively, over the annual period ending May 2016,” he said.

RetailAustraliaReal EstateSector
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"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
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Article originally posted at: https://www.theurbandeveloper.com/articles/high-retail-demand-sees-caboolture-square-sell-27-million