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Work starts on $1.5b Ripley Town Centre



Sekisui House CEO Toru Abe and Ipswich Mayor Paul Pisasale turn the sod on Stage 1 of Ecco Ripley's Ripley Town Centre. Photo: David Nielsen / The Queensland Times

Sekisui House CEO Toru Abe and Ipswich Mayor Paul Pisasale turn the sod on Stage 1 of Ecco Ripley’s Ripley Town Centre. Photo: David Nielsen / The Queensland Times

WORK has started on the $1.5 billion Ripley Town Centre at Ecco Ripley with anchor tenant Coles and developers Sekisui House turning the first sod on stage one today.

With a project value of $40 million, stage one of the project is expected to deliver more than 100 jobs during
construction and ongoing employment opportunities to more than 100 locals.

The 3800sqm first stage is scheduled to open in December 2017 and will deliver a full line Coles supermarket, 20 specialty shops and a medical centre.

Sekisui House Australia CEO Toru Abe said Ripley Town Centre would be the primary town centre for the Ripley Valley, and Stage 1 would deliver a number of key services.

“On completion Ripley Town Centre will service 120,000 people and offer 257,000sqm gross floor area – approximately 40 football fields – providing retail, commercial and community space,” Mr Abe said.

“As the primary town centre for the Ripley Valley region, Ripley Town Centre will deliver a major regional shopping
centre, a transit centre, health and education facilities, cafes, restaurants, parks and community facilities to cater to the region’s projected population of 120,000 people over the next 20 years.

“As part of Sekisui House’s commitment to upfront investment, more than $10 million is being invested in associated infrastructure which will include an upgrade to Ripley Road to improve links to the Cunningham and Centenary Highways.

“Ripley Town Centre will be the heart of our residential community Ecco Ripley, providing residents and the wider Ripley Valley region with key retail and community services.”

Coles Regional Manager Tanya Travis said the Ripley project followed $25 million investment in five years in the region with developments at Redbank, Ipswich and Springfield Orion.

“It is huge investment. It’s definitely a community that is moving forward in the future and we want to be part of that vibrant community,” Ms Travis said.

Ipswich Mayor Paul Pisasale said the turning of Ripley Town Centre’s first sod was a huge milestone for the Ripley Valley region.

“Ripley Valley is going from strength-to-strength and its sustainable development will be a major contributor to population growth. By 2031 an estimated 442,000 residents will call Ipswich home,” Cr Pisasale said.

“Located in the western growth corridor, Ripley Valley is expected to accommodate 25% of south-east Queensland’s population increase over the next 20 years and Ripley Town Centre will provide key services to the region.”

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Commercial Property

$100m of Queensland Regional Shopping Centres Change Hands



$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.

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Commercial Property

Ipswich neighbourhood mall sells on 9.5 per cent yield



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.

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Commercial Property

Queensland Regional Shopping Centre Sells for $23.5m



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.

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