Arcana quietly sells Redland Bay mall
Arcana Capital has sold a small but dominant Redland Bay shopping centre after eight years.
The asset manager, led by ex-Queensland premier Campbell Newman, is banking $18.5 million for the Rededge complex at 30-32 Cypress Street.
It paid $15.6m – a yield of 7.35 per cent.
The onsale, speculated to be with a private investor, was negotiated off-market; Commercial East Coast Investments’ Glenn Conridge and Burgess Rawson’s Neville Smith were the agents.
Rededge Redland Bay
Built in 2008 on a 5171 square metres lot at the south west corner of School of Arts Road, Rededge Shopping Centre, Redland Bay, contains 2688 sqm of lettable area across two floors.
IGA is an anchor; there is a medical centre and gym too.
There are also 123 car parks.
Redland Bay is about 40 kilometres south east of Brisbane.
The deal comes three months since we reported Arcana, for another fund, paid Real Asset Management $14.6m for a strata titled medical centre at Bowen Hills.
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