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Centuria Capital Group (ASX: CNI) has snared an emerging inner-city retail and commercial centre in Brisbane’s West End for $202 million in an off-market deal.
The acquisition of the commercial component of West Village, a $1 billion master-planned development being undertaken by Japan’s Sekisui House, is a three-phase transaction that will see Centuria Capital acquire future stages of the project as they are developed.
The deal comprises 16,560sqm of modern retail facilities in addition to complementary hospitality, wellness and office accommodation throughout five distinct buildings.
The retail precinct of West Village is 100 per cent occupied and anchored by a full-line Woolworths supermarket and a Harris Farm outlet. The portfolio provides a 10.1-year WALE for Centuria.
Centuria CEO Jason Huljich describes the acquisition as a ‘rare off-market retail opportunity’ for the group.
“West Village builds on the existing $313.3 million of quality retail assets within our existing DNR (daily needs retail) mandate, alongside a well-established institutional investor within our unlisted distribution network,” says Huljich.
“West Village provides an opportunity to capitalise on modern, well-located retail that caters to the nondiscretionary and convenience markets. The retail facilities within this landmark master-planned community will cater to approximately 1,250 adjoining households in addition to the surrounding West End and South Brisbane residential community.”
Phase One of the acquisition includes the retail mall, which is supported by 19 specialty tenants and two kiosks, totalling 9,456sqm.
This phase also incorporates The Eaves, a three-level property with retail, cafés, restaurants and wellbeing spa and the former Peter’s Ice Cream factory, providing specialty retail, office accommodation and parking.
Phase Two includes the South Pavilion, providing retail and restaurant amenities, which will be completed in late 2022. The third phase includes the refurbished former Peter’s cone factory, providing retail and hospitality outlets.
The acquisition is expected to settle between now and early 2023.
West Village is located on a 2.6ha site is bounded by Mollison, Boundary and Wilson streets.
When completed, the development will bring to the market 1,250 residences, parks, cafes, restaurants, bars, office accommodation as well as retail. The development comprises eight residential buildings, a 6,500sqm Greenhouse office tower, 16,560sqm of retail-commercial space, 1,900 car parks and 6,500sqm of public open space.
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