Alceon divests Caboolture mall
Three months after selling a Gold Coast shopping centre for $60.5 million – IJ Capital has reinvested the bulk on a Brisbane one.
Caboolture Square, in the city’s outer north, cost $47m following an off-market deal with another fund manager, Alceon.
On 1.6 hectares, the asset contains 12,379 square metres, anchored to Coles.
A former K-Mart was recently reconfigured as smaller tenancies and mini-majors; two high-profile retailers, Lincraft and The Reject Shop, are set to move in.
There are also 28 specialty stores and 750 basement car parks.
Elsewhere in the suburb, a growth corridor 50 kilometres north of town, Charter Hall, for its Long WALE REIT, outlaid $28.1m in late 2020 for a then-undeveloped Bunnings (story continues below).
IJ backs Queensland
Alceon paid Charter Hall’s Retail REIT $27.5m for Caboolture Square in 2016, later adding a 66-seat food court.
IJ, which represents institutions and high net worth individuals, is Brisbane based.
In March, the manager sold the Benowa Gardens shopping centre, west of Surfers Paradise, on a tight 4.99 per cent yield.
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