Haben buys balance of Queensland shopping centre

Apparel forms 40 per cent of Stockland Townsville’s specialist tenancy mix.

Harold and Ben Finger’s Haben has quietly snapped up the half-stake interest it didn’t control in Stockland Townsville.

Charter Hall is banking $134.5 million for Rosebud Plaza.

Also including management rights, the $123.5 million deal with Stockland reflects a circa eight per cent yield and c9.5pc drop on book value.

It comes eight months since the Sydney fund manager acquired the other 50pc from the Dexus managed AMP Shopping Centre Fund.

At $125m – a then c17pc drop on the ($150m) June, 2022, appraisal – that sale also demonstrated about an eight per cent return.

Haben will hold the asset in a fund expected to deliver annual yields of over eight per cent.

$238.5m mall

Haben is expected to rename the mall on 9.4 hectares at Aitkenvale, 10 kilometres south west of Townsville’s centre.

Developed in 1987 replacing the then 17 year old Nathan Plaza, it contains 44,930 square metres; Big W, Myer and Woolworths are the anchors (story continues below).

There are also 128 specialty stores – with 52 businesses operating out of tenancies unique to Townsville, which serves a greater catchment of c235,000 – 2715 car parks and two undeveloped portions.

Also this week, we are reporting Charter Hall, as manager for the Retail REIT, sold Rosebud Plaza on Victoria’s Mornington Peninsula for $134.5m and Southgate Square in Adelaide’s Morphett Vale for $91m – both at circa six per cent yields.

Haben, Stockland trade another mall

JLL’s Sam Hatcher and Nick Willis represented Stockland (and Charter Hall for Rosebud Plaza).

The deal comes three years since Haben acquired the Caloundra Shopping Centre and five years since it bought Cleveland Central, again from that seller.

In Victoria, the Fingers, father and son, bought Doncaster East’s The Pines from Stockland, also in 2020.

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Marc Pallisco

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