Centa, OzProp trade Brisbane mall
OzProp has purchased the 18 year old Rothwell Central from Centa Property Group for $41 million – reflecting a seven per cent net passing yield.
The buyer will hold the 11,015 square metre large format retail investment in a fund which recently called for investors; promising 6.5pc annual returns, the minimum investment was $250,000.
The 3.945 hectare site at 743-757 Deception Bay Rd is being promoted for its development upside.
JLL’s Jacob Swan brokered the off-market deal for Centa which paid $30.7m in 2015.
That seller, Warren Ebert’s Sentinel Property Group, acquired it following a receiver’s sale for $25.8m four years earlier.
Rothwell is 28 kilometres north of Brisbane.
Rothwell Central
With five buildings, Rothwell Central contains 28 tenancies; Battery World, BCF, Domino’s, Mr Toys Toyworld, Nutrition Warehouse, Officeworks, Planet Fitness, Super Cheap Auto, are amongst the highest profile occupiers.
There are also six mini-majors.
Centa undertook a major renovation in early 2016 – rebranding the asset from Focus@Rothwell (story continues below).
Vacancy is 3.1pc while the Weighted Average Lease Expiry is five years.
The agents said OzProp’s purchase price – equating to $3722 per sqm – is effectively replacement cost.
Centa reweighs
Founded in 1978 by Henry Yuen, Centa’s portfolio – focused on Queensland’s south east – includes retail assets Underwood Central, Waterford Plaza, in Waterford West, and Sun Hill Central.
It also controls an underutilised, low rise commercial asset at the corner of Cavill and Orchard avenues, in Surfers Paradise and a Mt Gravatt office, part which dubs as its headquarters.
OzProp is also behind residential projects including the 10 storey Summit 110 in Labrador, with 83 dwellings and Spice Broadbeach, on the Gold Coast, with 57 apartments.
It formerly owned major retail assets including Broadway on the Mall in Brisbane’s CBD, Market Square (Sunnybank), Ashmore City (Ashmore), Everton Plaza (Everton Park) and the Mermaid Waters and Nerang shopping centres.
In Bundaberg, the group also held Hinkler Place and Hinkler Mall shopping centres, while in New South Wales, its book includes Tweed Heads Shopping Centre.
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