SOLD: Caboolture Square to Alceon Group

Sam Hatcher and Jacob Swan of JLL have sold Caboolture Square Shopping Centre following an expression of interest campaign to Alceon Property Group for a sale price of $27,500,000. Caboolture Square Shopping Centre was sold on behalf of Charter Hall Retail REIT, reflecting a passing initial yield of 7.38%. 

Caboolture Square Shopping Centre is a recently refurbished two level Sub Regional Shopping Centre, comprising 16,253sqm of GLA anchored by a 3,691sqm Coles supermarket and 6,222sqm Kmart Discount Department Store . In addition, there is 1 mini-major (Homes Mart Caboolture), 35 specialties, 5 ATMS, 1 kiosk, 5 office tenancies and 9 complementary non-retail tenants.  

Caboolture Square is located on King Street, the main thoroughfare in Caboolture. The Centre benefits from being located in the business and administration precinct of the Moreton Bay Council Local Government area (LGA). 

Sam Hatcher said "Sub-regional shopping centres remain the most actively traded part of the retail market across Australia. However, sales activity in the Sub-regional sector in Queensland has been less active despite its high demand.”

JLL’s Jacob Swan said “we continue to see demand from a range of investors for value-add investments that have leasing and development potential, although specialty leasing risk continues to be priced relatively conservatively.”

According to Mr Hatcher “Sub-regional Centres have had the highest transaction volumes nationally of any retail sub-sector in 2016.  Year to date, volumes are at $1.48 billion nationally with Queensland contributing $450 million to that figure. There have been no transactions of Regional Centres in Australia since 2014, which has contributed to the competition for Sub-regionals.”