Elanor sells Moreton Bay shopping centre
Elanor Investors Group has sold a Moreton Bay shopping centre held by a single asset fund.
Bluewater Square at Redcliffe is speculated to be trading for less than $45 million.
Book value is $47m.
It paid Alceon $55m in September, 2017 – a commercial real estate cycle peak.
Also today we are reporting IP Generation is speculated to be paying over $500m for Sydney’s Top Ryde City.
Bluewater Square
On 1.2 hectares at 20 Anzac Avenue, Redcliffe – 40 kilometres north of Brisbane – Bluewater Square contain 10,003 square metres anchored to Woolworths and BWS – with 39 per cent.
There are also 28 specialties, four offices, three medical centres and two mini-majors.
Elanor offered the airspace with a scheme for a 104 unit apartment tower; the municipality is the state’s eighth fastest growing, according JLL’s Jacob Swan and Ned McKendry with Colliers’ James Wilson and Brendan Hogan, which listed the property last August.
The population, they added, is expected to exceed 800,000 by 2026.
Deal gets through
The deal comes a week since we reported sold a Gladstone shopping centre, in regional Queensland, for $26.9m – a loss on what it outlaid in 2017.
It also divested an Adelaide hotel for c$75m – a major drop on the c$90m guide and an early 2024 valuation.
Charter Hall is buying the asset manager’s Waverley Gardens shopping centre, south east of Melbourne, for c$170m.
Elanor and Heitman paid Blackstone $178m for that complex in 2018. A deal to sell it to Vicinity earlier that year for c$180m also fell through.
Late last year the asset manager offloaded Manning Mall at Taree, to Centuria for $34.85 million.
It priced that investment at $43m when it tipped it into the Retail Property Fund.
More to come.
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