Brisbane shopping centre sold for $84.5m
2 March 2020, Written by David Simmons
The Great Western Super Centre in the Brisbane suburb of Keperra has been acquired for $84.5 million.
The sale marks the largest retail buy to date for new owners Consolidated Properties Group and CVS Lane Capital Partners, bringing the value of the pair's retail portfolio to $485 million.
According to Consolidated Properties Group CEO and chairman Don O'Rorke, the company will now be upgrading the entire shopping centre.
"We will be undertaking an aesthetic upgrade to the entire Great Western centre, with the aim of attracting new tenants to improve the already robust retail offering," says O'Rorke.
"Great Western fits our strategy of acquiring established neighbourhood centres in high growth corridors there are more than 1,500 new homes planned in the surrounding area, and this level of population growth warrants an improvement to major retail infrastructure."
The Keperra-based shopping precinct is located just 10km north west of the Brisbane CBD and boasts 15,400sqm of floor space.
Great Western is anchored by Woolworths and Aldi alongside six mini majors and 44 specialty stores.
The acquisition of the centre follows the duo's 2019 purchase of the Arndale Shopping Centre in South Australia for $35.5 million, with a $15 million upgrade of that centre currently underway.
According to CVS Lane Capital Partners CEO Lee Centra 2019 was just a taste for what the retail partnership has in store for the future.
"2019 was a very fruitful year for us, but it is really just the beginning," says Centra.
"In 2020 we expect to be commencing work on a 17,000sqm retail and commercial hub at our $850 million Yeerongpilly Green community. We will also be putting the finishing touches on our upgraded retail centres at Palm Beach on the Gold Coast and Wilsonton in Toowoomba while continuing work at our Centre at Karalee in Ipswich."
Business News Australia
Author: David Simmons