Albany Creek Square sells for $55.88 million- sold to Fortius Funds Management on an initial yield of 6.96%
Albany Creek Square has been sold to Fortius on behalf of Charter Hall Retail REIT for $55,880,000, exclusively negotiated by JLL’s Jacob Swan and Sam Hatcher.
The centre is located in the established residential suburb of Albany Creek, 17km north-west of the Brisbane CBD in the Moreton Bay Regional Council Local Government Area (LGA). The Moreton Bay Region is experiencing significant public and private investment including the $1.15billion Moreton Bay Rail Link and development of The Mill, a full-line University of the Sunshine Coast campus, which on completion will support up to 10,000 students.
Completed in 1988 and undergoing a major refurbishment in 2001, Albany Creek Square is a prominent neighbourhood shopping centre anchored by a 4,697sqm Coles supermarket, supported by 2 mini-majors, 30 specialty tenants, 6 ATMs/Kiosks and 1 pad site encompassing a total GLA of 10,068sqm.
The Centre benefits from its proximity to complementary amenity and infrastructure including Albany Creek Primary School, Good Shepherd Christian School, Albany Creek Tavern and Dan Murphy’s (ALH Operated) and Eatons Hill Tavern.
JLL’s National Director of Retail Investments, Jacob Swan commented “The high profile location on Albany Creek Road and direct access from Old Northern Road and South Pine Road provides outstanding exposure to the Centre. Over 40,000 cars utilise this major north-south road link on a daily basis.”
“Albany Creek Square attracted a strong level of genuine interest from the market, with buyers attracted to the high performing Coles Supermarket anchor and excellent existing mix of service and non-discretionary specialty retailers. The Centre also offers immediate redevelopment and repositioning opportunities to drive further income growth”, said JLL’s Director of Retail Investments, Sam Hatcher.
The incoming owners will benefit from holding the largest shopping centre in a considerable main trade area of 29,000 residents with income levels on both a per capita and per household basis 16.1% and 29.1% respectively above the Brisbane metropolitan benchmark