Charter Hall sells Queensland mall off-market

Sydney Street Markets sold for $43.5 million.
Charter Hall’s Retail REIT recently sold Rosebud Plaza for $134.5 million.

Charter Hall has sold Mackay’s recently refurbished Sydney Street Markets to Augustine Property, off market.

The $43.5 million price falls a little short of the June, 2023, book value – $44.9m, which reflects a 6.25 per cent capitalisation rate.

On 1.56 hectares at 31 Gordon Street, the complex includes 3200 square metres anchored to Coles.

There are also 15 specialty stores and two surplus sites offering later development upside.

One of those properties is configured with car parks; all up the centre offers nearly 200 bays.

JLL’s Jacob Swan and Nick McKendry represented Charter Hall which held the complex in the Retail REIT.

Augustine, a Brisbane based residential and commercial developer, holds other retail assets including Hope Island Marketplace, with an Aldi, Woolworths and 30 specialty stores (story continues below).

Late last year it opened the Kepnock Town Centre, in Bundaberg; with 5715 sqm at 106 Fe Walker St, it is also anchored to Woolworths.

For Charter Hall’s flagship retail fund, the sale follows others late last year for Rosebud Plaza, on Victoria’s Mornington Peninsula, which collected $134.5m and Southgate Square in Adelaide ($60m).

In February the manager teamed it with other trusts to acquire Sydney’s Eastgate Bondi Junction from ISPT which held it 29 years.

That result – $125m – reflected a 6.24pc yield.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of