Springfield Fair sells for $23.5 million to RAM Australia Retail Property Fund

Springfield Fair has been sold to RAM Australia Retail Property Fund on behalf of Charter Hall REIT for $23,500,000, exclusively negotiated by JLL’s Jacob Swan and Sam Hatcher.

Completed in 1997 with a major refurbishment in 2006, Springfield Fair is a fully leased centre with a GLA of 6,318sqm, securely anchored by Coles (including Liquorland), supported by 13 specialties, 2 ATMs/Kiosks and 2 pad sites.

JLL’s National Director of Retail Investments, Jacob Swan commented “Springfield Fair benefits from outstanding population growth within the Ipswich local government area, the second highest in Queensland. The centre has a very strong history of occupancy and representation from a wide range of national tenants.”

“Springfield Fair has been another great example of the way in which JLL delivers for our clients. We have achieved fabulous results recently through the sale of large neighbourhood centres including MarketPlace Warner, Benowa Village, Albany Creek Square and now also Springfield Fair, said JLL’s director of Retail Investments, Sam Hatcher.

Springfield Fair is situated on a 2.2 hectare site 16km east of the Ipswich CBD and 22km southwest of the Brisbane CBD in suburb of Springfield. It is the only centre with a full line supermarket in the Main Trade Area, which is currently made up of approximately 26,190 people.

The Main Trade Area is forecast to grow to 30,840 by 2026, representing average annual growth of 1.65%. The centre is also expected to benefit from the $167 million increase in retail expenditure within the Main Trade Area, signifying an average annual increase of 4.21%.