Haben makes it three in Queensland

Haben has snapped up its third Queensland shopping centre, in Brisbane’s south west.

The Station Oxley, at 133-157 Oxley Station Road, is costing the fund manager about $47 million, which would reflect a six per cent yield.

The seller, Savills Investment Management, for an offshore mandate in its maiden Australian retail purchase, paid $43.5m in 2017.

That vendor, Folkestone, which later merged with Charter Hall, outlaid $34.5m – a 7.75pc return – for the then-new centre seven years ago.

Coincidentally, JLL has brokered all three sales; agent Sam Hatcher declined to comment about the latest when contacted.

Elsewhere in Queensland, Haben owns two former Stockland malls – Caloundra Shopping Centre, which it has held since 2020, and Cleveland Central, acquired three years ago.

The Station Oxley

Also with frontage to Cook and Lincoln streets, The Station Oxley contains 7100 square metres of area – 45pc (3200 sqm) of which is anchored to Woolworths, which it has previously been reported contributes to just over two thirds of the income.

A 2400 sqm first floor office is tenanted to the Queensland Department of Communities, Child Safety & Disability Service.

There are also 16 specialty stores, kiosks, an ATM and over 120 car parks (story continues below).

The immediate area was rezoned District Centre about six years, allowing for mid-rise, high density developments.

Haben buys again

Founded in 2009 by Harold and Ben Finger, Sydney based Haben was an active investor during the Sydney and Melbourne COVID lockdowns.

Five months ago, the group paid GPT $402m – a price reflecting a six pc yield – for Wollongong Central.

Elsewhere in New South Wales, the fund manager holds assets in Newcastle (at Jesmond and Wallsend) and Sydney (Newtown and Seven Hills).

Last July the fund manager teamed with JY Group, outlaying $225m – a 5.38pc return – for Casey Central in Melbourne’s outer south east.

Not long earlier Haben acquired The Pines Shopping Centre, in Doncaster East, again from Stockland.

In Melbourne, the acquisitive group has held Croydon Central since 2015.

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Marc Pallisco

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