Charter Hall lines up another Queensland mall
Laurence Lancini has sold a Capricorn Coast shopping his company developed 10 years ago.
The 2.8 hectare Yeppoon Central is speculated to be trading to Charter Hall, which has been bolstering its retail portfolio the past 18 months.
Price is unknown but based on the fully let annual net income ($4.16 million), would circle $70m assuming a six per cent yield.
At a sharper 5.5pc return, value would approach $76m.
Yeppoon is about 45 kilometres north east of Rockhampton.
Turnover rent, base rise set
Developed by Lancini Property Group at 42-44 Park Street, Yeppoon Central contains 631 car parks.
There is 14,432 square metres of lettable area anchored to Woolworths – it is one of the retailer’s top three Queensland stores – Big W and The Reject Shop, with 28 specialty stores, four kiosks and an ATM.
A McDonald’s with a drive-thru occupies a pad site (continues below).
“Woolworths…is currently paying percentage rent, achieving sales around 52pc higher than the Urbis benchmarks,” the agents, CBRE’s Joe Tynan and Michael Hedger with JLL’s Jacob Swan and Ned McKendry, said when the asset was listed February.
The supermarket is also set for a significant base rent increase in March, 2028, they added.
Charter Hall backs Queensland retail
Any deal would come six months since we reported Charter Hall bought two regional Queensland shopping centres from Vicinity – Gympie Central and Whitsunday Plaza.
In September the fund manager bought six Bunnings outlets with a leaseback from Wesfarmers including in the state, at Airlie Beach.
Another is at Oxenford, north west of Surfers Paradise, on the Gold Coast.
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