Kallangur Fair Shopping Centre bought by Sydney investment group for $22.45m

A Woolworths-anchored shopping centre in Brisbane’s north has been snapped up in a multi-million dollar deal by a Sydney-based investment group.

A shopping centre north of Brisbane has been sold to a Sydney-based investment company.

Kallangur Fair Shopping Centre, in the city’s outer north, was snapped up by Ganellen Asset Management for $22.45 million.

The Woolworths-anchored neighbourhood centre was sold on behalf of an offshore private investor at a passing yield of 5.9 per cent after an extremely competitive expressions of interest process.

Savills’ Peter Tyson and Jon Tyson negotiated the sale.

Mr Tyson said continued deep investor demand for retail assets (has) generated strong interest from the market.

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

“The centre was (then) ultimately acquired by a Sydney based consortium of private investors”.

The centre has an enclosed mall featuring a 3,247sq m Woolworths supermarket, a 420sq m discount variety mini-major and 10 specialties stores.

The Kallangur Fair Shopping Centre has been sold for $22.45 million.

The site’s total retail space covers 4703sq m.

Ganellen Real Estate Asset Management managing director Richard Manning said it was a prime neighbourhood shopping centre.

“Ganellen Asset Management is delighted to … achieve the acquisition of Kallangur Fair in metro Brisbane on behalf of its investors,” he said.

Ganellen Property Management will now manage the property, extending its portfolio beyond Sydney, Canberra and Auckland.

Originally developed in 1993, the centre is situated on Kallangur’s main thoroughfare, Anzac Avenue on a 15,800 square metre site with 270 carparking spaces.

Kallangur Fair was extensively refurbished in 2017 and has an average lease expiry of around 4.6 years by income.