Mintus picks up Brisbane mall
Mintus has made its first major real estate play since January – picking up the Beenleigh Marketplace, south east of Brisbane, for $85 million.
The price reflects a loss on the $88.4m the vendor, Dexus, paid two Colonial First State funds in 2014.
On 6.068 hectares with development upside, the property includes a 20,252 square metre mall, anchored to Woolworths and Big W.
There is also an office.
Beenleigh is about 35 kilometres from Brisbane and 40km north west of Surfers Paradise.
The acquisition comes almost a year since Mintus outlaid $154m for a Parramatta office and neighbouring block permit-ready for another, and 16 months since it purchased the Glade View business park, on two hectares in Gladesville ($55m).
Dexus sold both those assets too; the former was held in the Office Partnership of which it owns half.
Value-add potential: agent
Dexus held Beenleigh Marketplace in the Wholesale Property Fund.
The trust also recently sold Shepparton Marketplace, in regional Victoria, for $88.1m to a partnership between Sim Lian Group and the listed Metro Holdings Limited – both from Singapore (story continues below).
The third and final asset it held – the Deepwater Plaza in Woy Woy, New South Wales, is also selling, to an as yet undisclosed local investment group for $112m – a six per cent yield and a rise on the $98.5m it paid hotelier Jerry Schwartz in 2014.
“The [Beenleigh] transaction demonstrates the continued demand for quality, metropolitan sub-regional assets with a focus on non-discretionary spending,” CBRE’s Simon Rooney said of his off-market deal.
“There is particularly strong interest in the assets which offer strategic value-add opportunities,” he added.
“In the case of Beenleigh Marketplace, there is immediate potential to undertake targeted remixing of the centre’s specialty tenants,” according to the executive.
The complex attracts 2.6 million visitors annually, he said, with a Moving Annual Turnover of $117m.
The local population – presently 115,000 – is also expected to grow, about 2.6pc per annum, over the next 15 years.
A master-planned community, Yarrabilba, is set to contribute to a large chunk of that, Mr Rooney added.
Last year, Australian Unity paid Adler Constructions and InvestLogan $33.5m on a funds through basis for a York Street commercial building – Beenleigh’s first office in 11 years.
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