Clifton Village Shopping Centre sells to Fawkner Property for $34m
The dominant owner of North Queensland shopping centres has added a major northern beaches centre to its growing portfolio of large scale retail hubs.
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The dominant owner of North Queensland shopping centres has added a major northern beaches centre to its growing portfolio of large-scale retail hubs.
Melbourne-based fund manager Fawkner Property acquired Stockland Cairns in 2021 and in 2023 the group snapped up Cairns Central Shopping Centre for $390m.
In the latest purchase, Fawkner Property, owned by Chris Garnaut, shelled out $34m to acquire the Clifton Village Shopping Centre from government-owned organisation Indigenous Business Australia, as trustee for the IREIT Sub-Trust.
The deal was brokered by CBRE’s Michael Hedger, Joe Tynan and Danny Betros.
Located 24km north of the Cairns CBD in Clifton Beach, the 7811sqm shopping centre is anchored by a recently refurbished Coles supermarket and includes one mini-major and 23 specialty stores.
Mr Hedger said the expression of interest campaign was strongly contested by more than 112 direct inquiries from private investors, syndicates and institutions.
A total of nine competitive offers were received, which demonstrated ongoing confidence in the neighbourhood investment sector.
“Since the relaxation of monetary policy we have seen stronger inquiry levels across
all retail investment campaigns in the market with new purchaser groups accounting for 28 per cent predominantly in the private and syndications sector,” Mr Hedger said.
“With the increasing construction costs putting pressure on new supply and future development feasibility, we continue to see strong demand from investors for assets that show value well below replacement costs.”
The centre includes a national tenant line-up including The Reject Shop, Liquorland and Domino’s, supported by an allied health precinct with Terry White Chemist, QML Pathology and a large medical centre.
Clifton Village Shopping Centre is the third retail property that CBRE has sold in Far North Queensland in 2025, another included ISPT’s acquisition of North Shore Marketplace on the outskirts of Townsville for $33m.
In the past two years, Fawkner Property has acquired shopping centres across Australia worth more than $1.85bn in an expansion that included the purchases of Gladstone Square Shopping Centre ($26.7m), Willows Shopping Centre in Townsville ($212m) and Gladstone Centre Plaza ($139m), making the fund manager the dominant owner of shopping centres in Central and North Queensland.
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Originally published as Clifton Village Shopping Centre sells to Fawkner Property for $34m
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