Woolworths-anchored Kallangur Fair shopping centre sold

An offshore private investor has purchased the Kallangur Fair Shopping Centre from the Charter Hall Retail REIT for $21.38 million, representing a near 15% premium to book value.

Savills' Peter Tyson and Jon Tyson negotiated the sale of the Woolworths anchored neighbourhood centre following a competitive expressions of interest campaign.

Peter Tyson said continued deep investor demand for retail assets generated strong interest from the market and the result was not surprising.

“The sale process generated multiple offers from local and off shore buyer groups, including private investors, syndicators and fund managers,” Tyson said. 

Situated 24 kilometres north of Brisbane, Kallangur Fair comprises an enclosed mall featuring a 3,247 square metre Woolworths supermarket, a 420 square metre discount variety mini-major and 10 specialties with a total GLA of 4,703 square metre. 

The centre is located on Kallangur's main thoroughfare, Anzac Avenue on a 15,800 square metre site and features parking for 270 cars.

“Kallangur Fair was extensively refurbished in 2017 and provided a strong WALE of eight years,” Tyson said.