Clarence sells Brisbane growth corridor Woolies
EXCLUSIVE
Clarence Property has sold the second of two south east Queensland shopping centres acquired from Canute Investments six years ago.
Logan Village, 40 kilometres south of Brisbane’s CBD, is trading for $16.3 million – a 5.07 per cent return.
The result leaves the asset manager slightly in the black; it paid $16m for the 3241 square complex on 1.21 hectares at 2-12 North Street (aka 16 North St).
The deal comes two and a half years since Clarence sold the Gold Coast’s Ormeau Marketplace for $34m – a 5.24pc yield.
It paid Canute $29m for that mall – 25km east of Logan Village and 35 km north of Surfers Paradise – like Logan Village, anchored to Woolworths.
Logan Village
On the south west corner of Albert St, where it is passed by c136,500 vehicles a week, Logan Village also contains five specialty tenancies; occupiers include a medical centre, pharmacist, newsagent and cafe.
The weighted average lease expiry by income is just over eight years according to CBRE’s Joe Tynan, who brokered the deal with Michael Hedger, said.
Income growth is supported by net lease structured rental agreements, he added.
There are also 209 car parks.
The asset falls within the Logan municipality – the fastest growing in south east Queensland, where population is forecast to grow 59pc to 2046, to over 600,000, Mr Tynan said.
The buyer is a Sydney based private investor in its maiden Queensland acquisition.
The deal comes 10 months since Clarence offloaded a Bahrs Scrub childcare centre, about 10km south of Logan Village, for $6.51m – a 5.8pc return.
Last month meanwhile it banked $10.2m for a hardstand site within its Heathwood Industrial Estate, 22km south of town.
In a major Brisbane CBD office deal, last year, the group outlaid $119m for an 18 level asset, 120 Edward Street, on the corner of Charlotte.
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