SYDNEY: Centuria Capital Group has secured an off-market, $202 million Daily Needs Retail (DNR) asset on behalf of an existing international sovereign wealth fund’s institutional mandate, which will also see Centuria coinvesting alongside the investor.
The acquisition is part of Sekisui House’s $1.1billion masterplanned mixed-use development, West Village, in Brisbane, Queensland and encompasses c.16,560sqm of modern retail facilities in addition to complementary hospitality, wellness and office accommodation throughout five distinct buildings.
The three-phased transaction includes existing properties as well as assets yet to be constructed. The portfolio provides a 10.1-year WALE2 and 100% occupancy.
Jason Huljich, Centuria Group Joint CEO, commented, “We are pleased to secure this rare, off-market retail opportunity. West Village builds on the existing $313.3 million of quality retail assets within our existing DNR mandate, alongside a well-established institutional investor within our unlisted distribution network.
“West Village provides an opportunity to capitalise on modern, well-located retail that caters to the non-discretionary and convenience markets. The retail facilities within this landmark masterplanned community will cater to approximately 1,250 adjoining households in addition to the surrounding West End and South Brisbane residential community.”
Phase One of the acquisition includes a Retail Mall, anchored by a full line Woolworths/BWS and flagship Harris Farm along with 19 specialty tenants and two kiosks, totalling 9,456sqm. This phase also incorporates ‘The Eaves,’ a three-level property with retail, cafés, restaurants and wellbeing spa and the former Peter’s Ice Cream factory, providing specialty retail, office accommodation and parking.
Phase Two incorporates the ‘South Pavilion,’ providing retail and restaurant amenities, which will be completed in late 2022. Phase Three includes the refurbished former Peter’s cone factory, providing retail and hospitality outlets.
The assets will be settled between early 2022 and early 2023.
West Village is a Six-Star Green Star community located at 45 Mollison Street, West End. The 2.6-hectare site is framed by Mollison Street, Boundary Street and Wilson Street. Upon completion it will provide 1,250 residences, parks, cafes, restaurants, bars, office accommodation as well as retail. It incorporates eight residential buildings, a c.6,500sqm ‘Greenhouse’ office tower, 16,560sqm of retail/commercial, 1,900 car parks and 6,500sqm of public open space.
Centuria Capital Group (CNI) is a leading real estate funds manager with a unique Australasian focus and more than $18 billion of assets under management.