Offshore buyer pays $21.38m to Charter Hall REIT for Kallangur Fair shopping centre north of Brisbane

A NEIGHBOURHOOD shopping centre north of Brisbane has exceeded expectations selling for a near 15 per cent premium to its book value.

Kallangur Fair shopping centre on Anzac Ave, Kallangur.

A WOOLWORTH’S-anchored neighbourhood shopping centre north of Brisbane has sold for $21.38 million, representing a near 15 per cent premium to book value.

An offshore private investor purchased Kallangur Fair Shopping Centre from the Charter Hall Retail REIT after an expressions of interest campaign by Savills’ Peter Tyson and Jon Tyson.

Peter Tyson said the deal continued deep investor demand for retail assets generated strong interest from the market and the result was in line with expectations and not surprising.

“The sale process generated multiple offers from local and off shore buyer groups, including private investors, syndicators and fund managers,” he said

Kallangur Fair at 1477 Anzac Ave has a total gross lettable area of 4703sq m in an enclosed mall. It features a 3,247sq m Woolworths supermarket, a 420sq m discount variety mini-major and 10 specialty shops.

According to CoreLogic the shopping centre, on a 1.58ha site, was built in 1993 and last changed hands in 1999 for $6.2 million.

Jon Tyson said Kallangur Fair was extensively refurbished in 2017 and provided a strong weighted average lease expiry of eight years.