Centennial buys maiden LFR investment
Centennial has acquired a fourth retail interest – also its first large format retail investment – outlaying $52 million.
The North Lakes complex in north Brisbane was offered by HMC Capital on behalf of HomeCo.
On 3.99 hectares at 77-95 North Lakes Drive, with 11,845 square metres in 10 tenancies, it is fully leased. The weighted average lease expiry by income is 6.3 years.
HomeCo paid $39.4m in 2022.
The on sale was struck at a market yield over six per cent, JLL’s Sam Hatcher and Nick Willis, said.
North Lakes is about 28 kilometres from town (continues below).
Centennial’s retail portfolio also includes Portside Wharf, in Brisbane, acquired from Brookfield last year and Hinkler Central (Bundaberg), purchased from QIC in late 2023.
It also controls Village on Summer Street in Orange – bought last year in a partnership with Parkstone.
Bill Gravanis, co-owner of Oscars Hotels, with architect Paul Saunders, were those sellers.
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