Brisbane’s Redbank Plains Town Square development was taken off the market by Singaporean real estate investment manager Rockworth Capital Partners for about $160 million.
The Redbank Plains centre comprises close to 27,000sq m of gross lettable area and includes Woolworths, Coles and Aldi supermarkets, a Target, along with two drive-through tenancies, a large format tenant precinct, specialty tenancies and parking for more than 1200 cars.
Media sources have not been successful in obtaining further information from the parties involve, but know that Rockworth is a high roller after acquiring a Woolworths and Masters centre at Everton Park for $70 million on top of a $152 million portfolio of shopping centres from Woolworths.
According to The Australian, the Redbank Plains Town Square was previously controlled by investment house Alceon and Brisbane-based developer Capital Transactions, who originally acquired the site for $27 million before commencing millions of dollars worth of construction works to turn it into a substantial retail asset.
The transaction showed tight yield of about 6.25 per cent and was reportedly handled by JLL’s Simon Rooney and Sam Hatcher who quietly handled offers for the centre in an off-market sale process.
The Australian Financial Review reported that Alceon proceeded to appoint JLL to sell the asset in 2015 at a time when demand for sub-regional centres was increasing rapidly. With a shortage of sub-regional malls available to transact, yields have been squeezed in the sector over the past 12 months by about 40 basis points. The average yield on such malls now stands at less than 6.61 per cent nationally.
Image courtesy POWE architects