Charter Hall sells regional Victorian shopping centre
Charter Hall has sold the Lansell Square shopping centre, in Bendigo’s south west.
The off-market deal with an Asia based private investor is worth $110.1 million.
The manager, on behalf of the Charter Hall Retail REIT, paid Centro $32.5m in 2012.
At the time the asset, 267 High Street, Kangaroo Flat, was known as Lansell Plaza.
Lansell Square
Developed in 1978 and refurbished and expanded in 2015, Lansell Square contains 23,498 square metres anchored to Coles, Kmart and Woolworths.
Also with 45 specialty stores, seven kiosks and four pad sites, the weighted average lease expiry is 4.6 years.
The revamp cost Charter Hall nearly $40m (continues below).
The complex attracts about 3.9 million annual visits.
The 8.8 hectare site contains 988 car parks.
“This transaction represents one of the largest single retail acquisitions by a private Asian investor in recent years and demonstrates the continued maturation of private Asian capital in the Australian market,” Stonebridge Property Group’s Kevin Tong, who brokered the deal with Justin Dowers, said.
“Investors are increasingly targeting dominant, convenience-based shopping centres with strong trading performance and clear exposure to population growth corridors,” he added.
The deal comes six months since a Hong Kong based family sold a Melbourne shopping centre – Burwood One – to Charter Hall, for $210m.
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