Elanor fund sheds final mall
Elanor Investors Group has sold the last asset from its Property Income Fund.
Shopping centre Gladstone Square, 100 kilometres north west of Rockhampton, is trading to asset manager Fawkner Property for $26.7 million – a 9.2 per cent fully let net market yield.
On 1.92 hectares at 184 Goondoon Street, Gladstone Central, it contains 6915 square metres anchored to Woolworths with 3174 sqm.
Also with two mini-majors, occupied by Chemist Warehouse, The Reject Shop and a Queensland Health health clinic, and 23 specialty stores, the weighted average lease expiry by income is 6.1 years.
The block, with over 300 car parks, was marketed for its development upside.
Elanor paid Charter Hall’s Retail REIT $31.5m in 2017.
It was represented for the sale by CBRE’s Joe Tynan and Michael Hedger with JLL’s Ned McKendry and Jacob Swan.
The deal comes a year since we reported Elanor and Vicinity sold Fawkner a half stake of shopping centre Karratha City, south east of Dampier, in Western Australia.
Fawkner backs region again
Fawkner also owns Gladstone Central Plaza in the area – acquired in 2022 for $139m.
Six months ago meanwhile we reported Elanor sold another PIF property – Northway Plaza at North Bundaberg – to Brisbane based asset manager and developer, Powercat Property.
Late last year PIF shed New South Wales’ Manning Mall at Taree.
That buyer was Centuria.
Today we are reporting Fawkner is buying Far North Queensland’s Clifton Village for $34m.
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