SCA embarks on $108m spending spree

Moggill Village opened mid-year.

SCA Property Group is spending $108.1 million on four shopping centres.

In the biggest deal, the group is paying $54.5m for the four month old Moggill Village, south west of Brisbane.

Moama Village was appraised at $22 million in June.

The deal, with Don O’Rourke’s Consolidated Properties, reflects a 4.95 per cent fully let yield.

On 2.22 hectares, the asset contains about 6183 square metres of retail space, with 17 specialty stores and a c3565 sqm Coles.

There is also a 2600 sqm office component and 315 car parks.

JLL’s Sam Hatcher and Nick Willis represented Mr O’Rourke, who outlaid $3.2m for the block in 2016.

The centre contains a portion at the rear for a koala habitat.

Three SURF 3 centres

Also today, SCA announced it purchased the last three assets from its unlisted retail fund, Surf 3.

The deal, worth $53.6m, comes in a little higher than the combined June 30 book value ($50.2m).

The priciest of the centres, Moama Marketplace, anchored by Woolworths, was last appraised at $22m; this property contains an undeveloped pod site.

Another neighbourhood investment backed by the same supermarket, Woodford Village, about 70 kilometres south west of the Sunshine Coast, was valued at $15.9m (story continues below).

The third asset – Warrnambool Target – was priced mid-year at $12.3m.

SCA said the blended fully-let yield for the Surf 3 properties was 6.5pc.

Mr Hatcher, with colleagues Jacob Swan, Stuart Taylor and Tom Noonan brokered these deals.

Half a billion dollar spending spree

SCA has been an active shopping centre investor this year – picking up three regional Queensland malls (Drayton Central, Mt Isa Village and Cooloola Cove) for a total of $97.2m.

In June, the group purchased two Newcastle investments – Marketown, for $150.5m, and Marketplace Raymond Terrace ($87.5m).

Eight months ago, the landlord outlaid $55.1m for the Blue Mountains’ Katoomba Marketplace.

Also at that time, it acquired a block of land next to its Greenbank Shopping Centre, in Brisbane, for $10m, and a $6.4m service station beside Palmerston’s Bakewell Shopping Centre, which it purchased 13 months ago.

“While capitalisation rates for neighbourhood and convenience-based sub-regional centres have continued to compress since June, 2021, we continue to assess a number of acquisition opportunities and remain confident of completing more acquisitions during FY22,” the group announced today.

Following the latest deals, it controls c$4.2b of real estate.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of