Half a Billion Invested Around Brisbane’s Queen Street Mall This Year

HALF a billion has been invested around Brisbane’s Queen Street Mall this year.

ISPT has been the biggest player, spending $100 million refurbishing the Wintergarden Shopping centre which included building a colourful thatched façade. The Melbourne based company also purchased a half share of the Myer Centre for $366 million, and invested another $60 million on the Broadway on the Mall complex.

Toward the casino the Blackstone owned Balad is selling 60 Queen Street for an expected price of between $30 million – $40 million.

The Brisbane City Council is looking to replicate Melbourne’s successful laneway retail concept with the Burnett Lane complex.

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Stockland Sells Half Share Interest in Two Brisbane Assets

STOCKLAND Capital Parters, which is responsible for the Stockland Direct Office Trust No 1 (SDOT1) has sold a 50 per cent stake in Brisbane’s Waterfront Place project for $216.4 million.

The Sydney-based developer will also sell 50 per cent of the entity owning the adjacent Eagle Street Pier project to the Melbourne based Future Fund for $16 million, on the basis o f a completed refurbishment.

Stockland will retain a 50 per cent interest in both projects according to an announcement made today (copied below).

The Waterfront place office rises 36 levels and fronts the Brisbane River. Eagle Street Pier is a low-rise 6,200 square metre shopping centre which is currently being refurbished. The sale price for this asset translates to 7 per cent. Sale price coming soon…

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Costco and BAC in Discussion for New Brisbane Store

RETAILING giant Costco is reportedly in talks with Brisbane Airport Corporation to purchase a major chunk of land.

Costco is in the market for warehouses of around 14,000 square metres.

Its Docklands store in Melbourne is considered hugely successful, and the group is also reportedly looking for more sites in that city, and Sydney, Brisbane, Adelaide and Canberra.

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GPT to Reap About $90 Million From the Homemaker City Fortitude Valley Centre, Brisbane

GPT Group’s Homemaker City Fortitude Valley shopping centre, in Brisbane, is believed to be close to sale for about $90 million.

The complex includes more than a dozen bulky goods outlets, and a 700-bay car park. The centre is believed to be in due diligence to an as-yet-undisclosed purchaser.

The centre was one of seven GPT put to the market last year in Queensland and New South Wales. To date, the Cannon Hill and Windsor Centre in Brisbane have sold for a combined $20 million.

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Private Investors Spend $87.5 Million on Two Eastern Seaboard Homemaker Centres

TWO major homemaker centres in east coast Australia have sold for a combined $87.5 million.

Colonial First State sold the Homeworks Caringbah complex in Sydney’s south for $49 million. The 14 year old complex on a 2.055 hectare site is anchored by Harvey Norman and a Nick Scali furniture, and is 98 per cent occupied.

In Queensland, Mirvac sold the Morayfield Supa Centre for $38.5 million. The single level complex about 40 kilometres north of Brisbane is anchored by a Spotlight and Fantastic Furniture.

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