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Harvey Norman moving to Booval Bunnings building in 2015

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Ipswich Investor, Invest Ipswich, investing, Property market, Property Investing, rental properties, investment Properties

Bunnings’ departure from its massive Booval site in late 2015 will make way for a different variety of retail big-hitter.

Harvey Norman is set to vacate its Ipswich Mall space and relocate to the 8600sqm Ipswich Investor, Invest Ipswich, investing, Property market, Property Investing, rental properties, investment PropertiesHamilton St complex, which is neighboured by a pharmacy warehouse, discount stores and a McDonald’s restaurant.

Although Harvey Norman turned down the invitation to comment about the purchase, it is understood the move will result in a considerable expansion in its Ipswich sales, given the larger space.

The site includes car parks for 530 vehicles.

Savills Retail Sales director Jon Tyson, who helped negotiate the $10.8 million deal, said expressions of interest began early this year, attracting a wide variety of potential buyers.

“There were multiple bidders – six or seven of them – ranging from owner/occupiers to developers who had completely different visions for the site,” Mr Tyson said.

Once it moves into Booval, Harvey Norman will find itself in competition with several other electrical and furniture outlets in the area, including The Good Guys, RT Edwards and Dick Smith Electronics – all within a stone’s throw of each other on Brisbane Rd.

Bunnings Warehouse has been leasing the site from the private owner for the last 12 years. The lease expires towards the end of 2015.

The hardware superstore will move a couple of kilometres down the road to the new Mining St, Bundamba site once it is built.

Bunnings chief operating officer Peter Davis said the construction of the Bundamba site was timed to coincide with the expiry of the Booval lease.

Original article published at www.qtnews.com.au by Andrew Korner, 30/8/2014

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Commercial Property

$100m of Queensland Regional Shopping Centres Change Hands

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$100m of Queensland Regional Shopping Centres Change Hands
The recent sale of an Ipswich neighbourhood shopping centre has tipped total transactions in Queensland regional shopping centres over the $100 million mark as 2018 rolls into March.

Sydney-based Mintus purchased the St Ives Shopping Centre for $30.45 million as part of an overall investment package which also included six adjacent properties.

The additional sites included an 11 shop strip retail centre, two freestanding commercial buildings, two vacant mixed use development sites and a vacant house, each on separate titles.

St Ives Shopping Centre is anchored by a Woolworth Supermarket and occupies 38,200 square metres with parking for over 500 cars.

Savills Australia’s Peter Tyson said that the St Ives Shopping Centre and the adjoining holdings were amalgamated over many years.

“Buyers were attracted to the value-add potential of the large-scale land holding which featured significant embedded real estate value and a flexible “Major Centres” zoning which allows for mixed-use development up to 12-storeys.”

Despite it still being early days in 2018 for the market, Queensland has seen a number of high-level investments in regional shopping centres, illustrating a demand in the sector for assets and land.

In February, Marketplace Deagon Shopping Centre was sold to a Chinese investor for $23.3 million on a net yield of 6.95 per cent and in the same month, AM Australia Retail Property Fund acquired the Springfield Fair neighbourhood shopping centrefrom Charter Hall Retail REIT for $23.5 million on a yield of 7.05 per cent.

North of Queensland’s Sunshine Coast, $12.85 changes hands when Brisbane-based Altor Capital purchased the Cooloola Cove Shopping Centre from a Sydney investor.

In January, retail asset Ipswich Homebase was listed as part of an inter-state retail portfolio in 2017 and sold this year as part of said portfolio for a collective $89.05 million.

Originally Published: theurbandeveloper.com

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Ipswich neighbourhood mall sells on 9.5 per cent yield

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Ipswich neighbourhood mall sells on 9.5 per cent yield
The Goodna shopping centre at Ipswich was bought by Sydney-based Mintus. Supplied

Sydney-based developer Mintus has paid $30.45 million to buy the Woolworths-anchored St Ives Shopping Centre, plus six adjacent properties in Goodna, Ipswich in south-east Queensland.

Built in the 1970s and renovated many times, the 38,200-square-metre neighbourhood mall on a 6.25-hectare site sold on a fully leased yield of 9.5 per cent.

It was put up for sale by Kin Ming Eddy Tse and Shui On Tse, from Brisbane and Hong Kong. They paid $11.2 million for the asset in 1994.

The sale of the Ipswich mall is further evidence of the appetite among private investors for neighbourhood or convenience centres, anchored by a major supermarket, which are considered better positioned to counter the growth of online retailing.

The Woolworths supermarket, whose lease at St Ives runs until 2023, sits alongside 49 specialty tenants, including Domino’s, Red Rooster and Subway with parking for 500 cars.

It’s the second Queensland mall acquisition by Mintus in less than a year after it paid $40 million in March 2017 to buy the Woolworths-anchored Market Square Deception Bay north of Brisbane.

The company was founded in 2014 by Melham Hazzouri and has been rapidly acquiring a portfolio of malls and residential development projects.

Mr Hazzouri said the St Ives Shopping Centre and its land holding was the perfect fit for the Mintus portfolio.

“The centre allows for plenty of value add and redevelopment for the future. We look forward to significantly adding value in the short term, working with the retailers and the community to bring St Ives back to its full potential,” Mr Hazzouri said.

The sale of St Ives Shopping Centre was transacted by Peter Tyson and Jon Tyson of Savills, in conjunction with Shane Sax of Pace Property.

“The centre attracted strong interest from the market. The sale was well contested resulting in multiple bids, primarily from private investors,” Jon Tyson said.

In 2016, Mintus purchased the Village Central Wyong, a neighbourhood shopping centre on the NSW Central Coast from MAB Corp for just under $18 million while in late 2015, Mintus partnered with Revelop to buy the last remaining parcel of land at Nelsons Ridge in Sydney’s west from Boral for almost $60 million.

Originally Published: www.afr.com

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Queensland Regional Shopping Centre Sells for $23.5m

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Queensland Regional Shopping Centre Sells for $23.5m
Queensland’s neighbourhood retail sector has seen another major transaction with a regional centre changing hands for $23.5 million.

AM Australia Retail Property Fund acquired the Springfield Fair neighbourhood shopping centre from Charter Hall Retail REIT on a yield of 7.05 per cent.

Charter Hall Retail REIT is divesting smaller retail assets as it shifts its focus to larger, higher growth properties. The REIT offloaded three shopping centres for $91 million in November.

Situated on a 2.2-hectare site 16km east of the Ipswich CBD and 22km southwest of the Brisbane CBD, Springfield Fair was the first full line supermarket centre developed in the Springfield area.

The sale was negotiated by JLL on behalf of Charter Hall.

JLL national director of retail investments Jacob Swan said Springfield Fair benefited 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,” he said.

In the final quarter of 2017, $1.325 billion in major retail transactions were recorded in south east Queensland, including Benowa Village which was sold to a private investor for $49.5 million – the sharpest initial yield ever recorded at the time for a neighbourhood shopping centre in Queensland.

Completed in 1997 with a major refurbishment in 2006, Springfield Fair is a Coles-anchored, fully-leased centre with 6,318 square metres of lettable area.

Originally Published: theurbandeveloper.com

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