Consolidated Properties Group and CVS Lane Capital Partners are paying $84.5 million for the Great Western Super Centre in Keperra, about 10 kilometres north west of the Brisbane CBD.
The 1.5 hectare retail asset was listed 10 months ago by Charter Hall Retail REIT and Telstra Super.
The vendors, with Charter Hall, paid $62.9 million for the complex at 577 Settlement Road and 1028 Samford Road seven years ago.
Great Western Super Centre includes 15,414 square metres of lettable area and 728 car parks.
Keperra is part of a growth corridor with more than 1500 dwellings earmarked to soon be constructed in its catchment.
With this purchase, CPG and CVS LCP control a portfolio worth $485 million, including seven shopping centres in South East Queensland.
Great Western Super Centre set for a makeover: incoming owners
The shopping centre is now due for “an aesthetic upgrade”, according to CPG chief executive officer Don O’Rorke.
Configured with 44 specialty stores, it also includes six mini majors, with tenants including F45 Training, The Reject Shop, SuperCheap Auto, BCF, Hungry Jacks and Subway.
Two supermarkets, occupied by Aldi and Woolworths, anchor the complex.
In 2018, a Bunnings hardware outlet with 800 car parks opened on the site of a former quarry, next door to Great Western Super Centre.
A 49-hectare infill development site approved for 700 dwellings, and which Frasers Property Australia picked up in December for $31 million, also abuts it.
The agents said demand is strong for non-discretionary anchored retail property, particularly in metropolitan locations like Keppera where underlying land values are high and rising because of long-term development prospects.
The Great Western Super Centre deal, the agents said, is the second largest for a Brisbane retail asset in 12 months.