The property is located 125 kilometres west of Brisbane and was sold by its developer, Hallmark Property.
David Rogers, Director of Investments for Fort Street Real Estate Capital, the Fund’s Investment Manager
, said he was delighted with this first acquisition for Australian Property Opportunities Fund II.
“Northpoint has been built to a very high standard with a well thought out design, and we expect strong rental growth over the long term” Mr Rogers said.
Stuart Nisbett, Chairman of the Fund’s Investment Committee
, noted the quality of the asset and its prime location.
“We have been looking at opportunities in Queensland for the past year with this property being a clear standout and in one of Australia’s strongest regional centres” Mr Nisbett said.
The sale was managed by JLL's Sam Hatcher and Jacob Swann.
Northpoint Shopping Centre is anchored by a Coles supermarket and will have a yield of 7.6 per cent when fully leased. The centre was completed in February and houses Toowoomba's only major supermarket.
Mr Hatcher told The Australian that "the market continues to pay a premium for best-in-class assets, which is driving the gap between prime and secondary centres".
The property will be owned by the Australian Property Opportunities Fund II.