Melbourne fund manager snares Stockland Gladstone
Melbourne based Fawkner Properties has secured another interstate mall – this time in Queensland.
The fund manager is paying Stockland $139m for the Gladstone Shopping Centre, also known as Stockland Gladstone, between Bundaberg and Rockhampton.
The price reflects a 7.4 per cent yield.
It is also a small drop on the ($143.6m) June, 2022, valuation.
JLL’s Nick Willis and Sam Hatcher were the agents.
Earlier this week, Stockland announced plans to develop 15 master-planned communities, which will include retail, before the end of next year.
Led by Tarun Gupta since late 2020, the group also plans to balloon its industrial portfolio.
Stockland Gladstone
On the north east corner of Dawson Highway and Phillip Street, in West Gladstone, Stockland Gladstone is the region’s only major shopping centre, with 29,369 square metres of lettable area and 1280 car parks.
Big W, Coles, Kmart and Woolworths are the anchors.
There are also three mini-majors, occupied by Best & Less, Cotton On and The Reject Shop, and 46 specialty stores.
Stockland said the area’s catchment is forecast to hit 59,988 by 2026.
“The average household income is $105,983 in the main trade area, which is 8.39pc higher than the non-metro Queensland average,” it added (story continues below).
“Couples with children make up 45.6pc of the main trade area,” according to the vendor.
The average client age is 37.
The disposal comes three years since Goldman Sachs, as a mortgagee in possession, banked $20.2m – reflecting a high 11.9pc return – for Gladstone Central, on 1.89ha and with 12,579 sqm.
Gladstone is 550 kilometres north of Brisbane.
Fawkner invests again
The Gladstone acquisition comes 20 months since Fawkner acquired The Square Mirrabooka, on 13.9ha, 13 kilometres south of Perth.
That $195m deal with Perron Group was struck at a 6.97pc yield.
Also in 2021, the fund manager paid Waypoint REIT, formerly known as Viva Energy REIT, $113m for 31 service stations, across five states.
Last April, meanwhile, the same pair traded another 29 assets of this type, all up for $141.8m.
That price reflected a blended 6.03pc return.
Subscribe to our newsletter at the bottom of this page.
