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| Shopping centres sold in Qld, SA |
   
| Gladstone shopping centre. |
Posted Date: 19/01/2012
By Inside Retail
Shopping centre sales in Queensland and SA have been announced this week.
Centro Newton Shopping Centre in suburban Adelaide has been sold to a local private investor for $37.75 million andCPT Custodian has sold the Gladstone Shopping Centre to Charter Hall Retail REIT / Telstra Super for $17 million.
CBRE’s Alistair Laycock and Philip Rundle negotiated the sale of the Centro Newton sub regional shopping centre after a competitive Expressions of Interest campaign which generated substantial buyer demand.
Centro Newton is a fully leased centre which includes a strongly trading Drake Foodland supermarket and the only full-line Target discount department store in Adelaide’s eastern suburbs.
“The demand was substantial, with predominantly local investors seeking to secure this well-performing eastern suburbs shopping centre,” Laycock said.
“Shopping centres of this caliber are tightly held in Adelaide and the local market certainly appreciate that opportunities like this do not present themselves very often.”
Laycock said the sale price reflected a yield in the low seven per cent range – a result which illustrated the continued strong buyer demand for quality assets in Adelaide, particularly from local private investors.
Centro Newton (pictured above) is prominently located near the corner of Gorge Rd and Newton Rd, approximately 9km east of Adelaide's CBD. The centre has a total gross lettable area of approximately 13,579 sqm and is positioned on a significant 4.15ha.
Rundle said the centre’s dominant eastern suburbs location had been one of the drawcards for prospective purchasers as had the property’s exceptional mix of national and well established local traders.
“The other attraction for purchasers was the fact that over 62 per cent of the centre’s gross income is payable by the two anchor tenants. The full-line Foodland Supermarket is operated by Drake Food Markets, one of the largest independent supermarket operators in Adelaide. Target has meanwhile confirmed its confidence in the location having just exercised its first five year renewal option following the expiration of its original 25 year lease term.”
Complementing the Foodland Supermarket and Target are a total of 19 specialty shops and three ATMs.
Jones Lang LaSalle sold the north Queensland centre, with the sale price reflecting an initial net passing yield of about 8.7 per cent, an initial fully leased yield of 9.1 per cent and a sale rate of $2789/sqm.
Gladstone shopping centre is a single level neighbourhood retail complex with anchor tenant income security from a Woolworths supermarket, together with one mini major, 25 specialty tenants and three ATMs, providing a total GLA of approximately 6096sqm.
The centre enjoys a prominent position in the rapidly growing township of Gladstone, with highly exposed frontages to Goondoon St, Herbert St and Oaka Lane. Gladstone is located 95km south-east of Rockhampton and 440 km north of Brisbane. |
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