Fawkner spends $162.5m on Mackay mall

Last week, Elanor sold Sentinel a Moranbah shopping centre – 190 kilometres from Mackay.

Fawkner Property is paying $162.5 million for Mackay’s Mount Pleasant Centre.

The deal with Vicinity Centres, which manages the asset on behalf of Commonwealth Bank Group Super, reflects a 6.46 per cent net passing yield.

Stockland recently sold a Bundaberg shopping centre to MA Financial for $140 million.

On a fully let basis, the return is 6.55pc.

Spreading an 8.76 hectare site on the north east corner of Mackay Bucasia Road and Malcomson Street, Mt Pleasant, the complex contains 22,519 square metres of area.

Fawkner picked up Mirrabooka’s The Square from Perron Group in June.

Coles, Kmart and Woolworths are the anchors.

The Weighted Average Lease Expiry is 8.4 years.

Fawkner will hold the asset in its Essential Service Trust No 19, which also contains 17 service stations and five childcare investments.

CBRE’s Simon Rooney and James Douglas were the agents.

Busy month for regional Queensland deals

A week ago we reported MA Financial outlaid $140m for Stockland Bundaberg, in Avoca.

Two days earlier Elanor Investors Group sold Moranbah Fair Shopping Centre, 190 kilometres south west of Mackay, for $28m to Sentinel (story continues below).

At the start of last month, SCA Property Group spent $34.34m on Toowoomba’s Drayton Square, its third regional Queensland shopping entre purchase this year, following deals at Cooloola Cove and Mt Isa.

Fawkner reweights

The Mt Pleasant deal comes two months since Fawkner paid Perron Group $195m for Mirrabooka’s The Square.

In April, the property syndicator picked up a Traralgon retail investment from Stockland for its Essential Services Trust No 15.

Also for this fund, the group recently spent $113.9m for a portfolio of 31 service stations.

That deal, with Waypoint REIT, reflected a 10.1pc premium to their last book value.

In June, Melbourne-based Fawkner listed for sale a Heidelberg office – 476 Upper Heidelberg Road.

Stonebridge’s Justin Dowers, Julian White and Kevin Tong are marketing that investment.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.