CPG, CVS sell Ipswich shopping centre
Don O’Rorke’s Consolidated Properties Group and the Liberman-family backed CVS Lane Capital Partners have sold another south-east Queensland shopping centre.
Karalee Shopping Village at Chuwar, 6.5 kilometres north-west of Ipswich, collected $76 million, from an Australian-based Taiwanese investor.
The result reflects a 5.5 per cent net passing yield; occupancy is 99pc.
Settlement is due in October.
The deal comes five months since realestatesource.com.au reported Forest Endeavour, led by Taiwan’s Lin family, which also controls Shayher Group, bought 10 shopping centres with part-leasebacks to Woolworths.
That outlay was over $500m.
The portfolio included an asset in Brisbane’s Doolandella
Late last year Forest Endeavour outlaid $346.5m for the Paradise Centre and Novotel on the Gold Coast in Surfers Paradise.
Permit-ready for extension
On 4.6 hectares at 39-51 Junction Road, the Chuwar asset contains 11,460 square metres.
One anchor, Coles, occupies 3,900sqm. The other key tenant, rival Woolworths, leases 3,429sqm. Combined, the supermarkets account for 62 per cent of the lettable area. They also account for c$81m in moving annual turnover.
Also with 15 specialty stores, including a Subway and standalone KFC with a drive-thru, it returns annual net rent of $4.33m (continues below).
The weighted average lease expiry by income is 4.55 years.
The sale price values gross lettable area at $6632 per sqm.
The site, at the north-west corner of Essex St, not far from Mount Crosby Rd and the M2, has 558 car parks.
CPG and CVS offered it permit-ready for a c1000 sqm extension across 3500 sqm of the block.
This pocket of Chuwar is 25km south-west of Brisbane CBD.
Also this week, the pair sold Yeerongpilly Green Riverside Village in the city’s inner-south, and Pavilions Palm Beach, 12 kilometres south of Surfers Paradise, on the Gold Coast.
That buyer was Charter Hall,
The combined sale value was $136.7m.
CPG and CVS Lane are also seeking buyers for Great Western Super Centre at Keperra, about 10km north-west of Brisbane CBD; Arndale Shopping Centre at Springwood, on Brisbane’s southside; and Wilsonton Shopping Centre and Lifestyle Centre in Toowoomba.
CBRE’s Joe Tynan and JLL’s Jacob Swan are the agents.
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