Mackay’s Caneland Central shopping centre up for sale
It has the only Myer in a 320km radius and is expected to go for an eye-watering figure, with potential investors told they can snap up the popular centre in its entirety.
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Caneland Central is on the market for the first time in decades, with investors able take a mammoth 100 per cent stake.
The announcement comes less than eight months after the region’s second largest shopping centre, Mount Pleasant Centre, sold for $162.5m in September.
But its larger sister Caneland Central is expected to double the asking price, with estimates predicting it will go for up to $350m after a major refurbishment in 2011.
It comes with additional developmental approved plans for a further 5500sq m expansion and development for a new cinema and food and beverage precinct.
JLL Retail Investments’ senior director Nick Willis and Sam Hatcher have exclusive carriage of the mammoth sale.
He highlighted that Caneland Central hosted the only Myer in a 320km radius.
“The centre is an exceptional performer, providing investors with an opportunity to benefit from the growing strength of the local economy, in addition to the retailer demand and ability for further development potential,” Mr Willis said.
“The offering to acquire a 100 per cent interest in an institutionally owned and managed asset like this is unique, with only eight regional assets being offered over the past 10 years and only two in Queensland, highlighting the rarity of the opportunity.”
A memorandum was sent to Caneland Central tenants on Wednesday, informing them the centre was going on the market.
“APPF Retail has owned the centre since 2001 and believe that now is the right time to divest,” Caneland Central centre manager Simon De Barro said.
Mr De Barro said the campaign for the sale had commenced, but it was expected to take several months before it was complete.
“In the meantime, business will continue as normal in the centre,” he said.
“We do not expect this to cause any disruption to our tenants.”
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