Reds Group snares Brisbane mall for discount
Paul Freestone’s Reds Group has been revealed as the buyer of Redcliffe’s Bluewater Square, for $32 million.
The neighbourhood shopping centre was offered last August by Elanor Investors Group on behalf of a single asset fund which paid Alceon $55m in 2017.
Book value at the time of listing was $47m.
With 10,003 sqm over two floors, it is anchored to Woolworths with a mini-major, four offices, three medical centre tenancies and 28 specialty stores.
The property also came with a scheme for a 104 unit residential tower in the airspace.
The sale, which we reported mid-year, is being struck on a 6.36 per cent passing yield.
Reds Group has a track record repositioning and refurbishing neighbourhood retail assets on behalf of community, business and investor clients.
It also develops.
JLL’s Jacob Swan and Ned McKendry with Colliers’ James Wilson and Brendan Hogan marketed Bluewater Square.
The deal comes three months since Elanor, for the Property Income Fund, sold Gladstone Square, north of Rockhampton, for $26.7m – a drop on the $31.5m it paid Charter Hall in 2017.
Last October meanwhile, the manager, for the Retail Property Fund, offloaded Manning Mall in Taree, New South Wales, for $34.85m.
That buyer was Centuria which bought it against a book value of $43m.
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