Ganellen picks up Brisbane mall

Recently refurbished shopping centre Kallangur Fair, in Brisbane’s north, has sold for $22.45 million.

Sydney based fund manager Ganellen is the buyer; the price reflects a 5.9 per cent passing yield.

The vendor, a Singapore based investor, acquired the asset from Charter Hall for $21.38m in 2018.

Savills’ Peter Tyson and Jon Tyson marketed it both times.

Kallangur Fair

On 1.58 hectares at 1473 Anzac Avenue, Kallangur – about 25 kilometres from the CBD – the shopping centre was developed in 1993 and renovated four years ago.

It contains 4703 square metres of lettable area.

Woolworths is the anchor – occupying nearly 70pc of the space.

There is also a 420 sqm mini-major, 10 specialty stores and 270 car parks.

The Weighted Average Lease Expiry by income is 4.6 years.

The acquisition comes seven months since Ganellen sold a retail investment, Ropes Crossing Village, in west Sydney, to Singapore listed Metro Holdings for $42m.

In late 2014 the fund manager sold ISPT the Warners Bay Village, near Newcastle, and Kiama Village, on the NSW South Coast (story continues below).

The latter asset resold earlier this year to the anchor occupier, Woolworths, for $49m.

Mt Isa supermarket sells

Meanwhile in regional Mt Isa – a supermarket leased to Woolworths for over 40 years has sold for $16.91m.

The sale price for 2 Miles Street, on the north east corner of Isa, reflects a 5.85pc passing yield.

Spreading 5084 sqm, the site has three street frontages, 80 car parks and an on-line pick-up facility.

The building contains 4441 sqm of recently refurbished space.

Peter Tyson and Jon Tyson also represented this vendor, which held it for 30 years.

In April, SCA Property Group paid ISPT $44.2m for the Mount Isa Village shopping centre.

Anchored by Coles and Kmart, that complex is the third Queensland retail investment acquired by the group this year.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of