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News release

Brisbane

Queensland Shopping Centres continue to defy times


BRISBANE, 16 FEBRUARY, 2009: The unconditional exchange of contracts on Alexandra Hills Shopping Centre in suburban Brisbane for $40 million negotiated by Jones Lang LaSalle’s Simon Rooney and Jacob Swan further highlights the strong demand for retail investment opportunities in Queensland.
 
Purchased by a private Melbourne-based investor, Alexandra Hills Shopping Centre is 25 kilometres south-east of Brisbane, covers a lettable area of 12,344 square metres and is anchored by Woolworths.
 
Together, Mr Rooney and Mr Swan sold almost $310million in Queensland Shopping Centres in 2008, and see the Alexandra Hills sale as a major indicator of the appeal of Queensland as the leading state in Retail Investments. So much that they have just announced two prime centres for sale to the market.
 
“Eli Waters Shopping Centre in Hervey Bay and The Village in Mt Gravatt in Brisbane are now on the market and, based on the strength of sales last year, the sales this year, and the interest which remains for quality, well performing, strategically well positioned stock with a particular focus on Queensland, we expect strong results,” said Mr Rooney. 
 
“Purchasers for the majority of centres sold last year were private investors, reinforcing the dominance of this buyer profile in 2008, and we look forward to seeing their continued strength in 2009.”
 
Eli Waters Shopping Centre in Hervey Bay is a recently completed shopping complex anchored by a full-line Woolworths supermarket with 24 specialty tenancies, a kiosk and 4 ATMs. With a total GLA of 6,082sqm and a prime costal location within Queensland’s booming Hervey Bay, the centre is highly visible on the busy intersection of Maryborough Hervey Bay Road and Ibis Boulevard and has parking for 324 vehicles.
 
“The centre has a secure 20 + 4 x 5 lease to Woolworths supermarket with an initial expiry in 2027, convenience and service based retail offer, with significant potential for income growth through attractive 5% specialty reviews,” said Jacob Swan. 
 
Expressions of interest close for this centre close on March 19.
 
“The Village at Upper Mt Gravatt in Brisbane is a recently completed, convenience based shopping complex, anchored by a full-line Coles supermarket, together with 34 specialty tenancies, 5 commercial suites and an ATM, providing a GLA of 7,760sqm. The centre is on a high profile site in the major retail precinct of Upper Mt Gravatt, with convenient parking for 380 vehicles and excellent exposure to Logan Road, a major north south arterial route in the region.”
 
There is a secure long term lease to Coles supermarket with an expiry in 2022 in place. Expressions of interest for this centre close on March 12.
 
Jones Lang LaSalle's Simon Rooney and Jacob Swan sold $309.50million in Queensland shopping centre stock last year, including:
 
• $30million sale of Carseldine Homemaker Centre
• 15.25million sale of Birkdale Fair Shopping Centre in Brisbane’s bayside.
• $13.6million sale of Kessels Central
• $14.4million sale of Bunnings Capalaba.
• $45million sale of Ipswich City Square
• $41.75million sale of Noosa Fair
• $29million sale of Centro Raintrees
• $68million sale of Centro Southport
• $31million sale of Yamanto Shopping Village
• $21.5million sale of Waterford Plaza