Three commercial components of the $1.1 billion West Village complex, which is replacing Peter’s Ice Cream factories at West End, have sold to Centuria for the GIC-backed Daily Needs Retail fund.
Japan based Sekisui House, which is behind the mixed-use community about a kilometre west of Brisbane, was the vendor.
Set to contain 16,560 square metres – all of which is pre-committed – the off market deal brokered by JLL’s Sam Hatcher, Nick Willis and Jacob Swan is worth $202 million.
Settlement in scheduled, along with development outcomes, in three stages over the next year.
Centuria secured control of the DNR fund when it merged with Primewest last year.
West Village is the trust’s biggest asset – the seven other properties are worth a total of c$313m.
Last month, for the mandate, the manager paid Fridcorp $41.5m for a Woolworths backed retail asset forming the lower levels of the $700m mixed-use Beyond project at Sydney’s Hurstville (story continues below).
West Village asset
The first West Village assets due for completion are a factory converted restaurant, wellbeing precinct and office, and 9456 sqm mall with two supermarket tenancies (pre-committed to Woolworths and Harris Farm) and 19 specialty stores.
Set to open after that – at the end of this year – are hospitality and retail spaces in two buildings, the South Pavilion and an ex-Peter’s cone making plant.
The investment’s Weighted Average Lease Expiry is 10.1 years.
On 2.6 hectares between Boundary, Mollison and Wilson streets, West Village is master-planned with eight apartment complexes containing a total of 1250 units, a six storey, c6500 sqm office and a medical centre.
Subscribe to our newsletter at the bottom of this page.