Wen family buys Park Ridge Town Centre for $86m

A family that already owns a $300m-plus retail empire has added another major neighbourhood shopping centre to their portfolio.

The Wen family has added to its growing retail portfolio with the purchase of a neighbourhood shopping centre in South East Queensland’s southern growth corridor.

Its Chin Hong Group, which has a $300m plus shopping centre portfolio across South East Queensland, paid $86m for the Park Ridge Town Centre in the Logan area.

The shopping centre on the Mount Lindesay Highway is on a 6.24ha site and is anchored by Woolworths and Coles.

The sale was managed by Savills Peter Tyson and Steven Lerche on behalf of West Australian-based syndicator RG Property.

Originally From Taiwan the Wen family owns a portfolio of South East Queensland retail assets including Inala Plaza and Morningside Central.

Chin Hong Goup marketing manager Donna O’Neill said the recently refurbished Park Ridge

Town Centre had a strong mix of major and specialty retailers in a growth location,

all key factors that appealed to Chin Hong’s strategic acquisition.

“Chin Hong Investments’ expertise is in the ownership and redevelopment of neighbourhood centres that service their local communities beautifully,” she said.

“Over the past four years we have redeveloped DFO Jindalee and Springwood Mall

and we have development applications underway to expand two of our existing

centres.”

The Park Ridge Town Centre that sold for $86m.

An RG Property spokesman said they were pleased to deliver a strong result for investors as

the syndicate came to a close. “We have been able to deliver robust cash flows as well as strong capital growth over the life of this investment,” he said.

RG Property purchased the centre as a single supermarket-based centre on a 3.69ha site on the corner of Park Ridge Rd for $20.1m in 2012. At same the time they also purchased two development sites at 12 Park Ridge Rd and 33-45 Jedfire St, that made up a total area of 2.55ha, for about $5m.

In 2016 RG Property undertook a major upgrade of the centre to include an expansion of Woolworths as well as the addition of a new Coles supermarket, additional specialties and fast food and fuel pad sites.

The Park Ridge Town Centre totals more than 14,300sq m of net lettable area and is full leased with a weighted average lease expiry of 8.13 years.

In addition to Woolworths and Coles, the centre featured a Prices Plus mini major, 31 specialty tenancies together with KFC and Ampol pad sites.