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News release


Calamvale Central sells for $62 million in the first major sub-regional shopping centre sale in southeast Queensland in three years

Sale reflects the increased allocation of capital in the sub-regional market

BRISBANE, 20 JUNE 2012 – Calamvale Central Shopping centre in Brisbane’s outer suburbs has sold to a Brisbane based Private Investor for $62 million following a highly competitive Expressions of Interest campaign which called for bids just last week. The sale reflects a passing yield of 8.15% (approx.) and a fully leased yield of 8.81% (approx.).

The deal was negotiated by Australian Head of Retail Investments Simon Rooney and Director of Queensland Retail Investments Jacob Swan of Jones Lang LaSalle.
This is the largest sub-regional centre sale in south east Queensland since 2009 and reflects the increasing investor demand for sub-regional assets.


Mr Rooney said, “We are seeing an increased level of investor demand targeting quality sub-regional assets. The market fundamentals have now stabilised and yields remain attractive so we expect to see more activity in this sector over the next 12 to 18 months.”
According to Jones Lang LaSalle Research the Queensland retail market is well placed to benefit from the states strong local economy boosted by the booming resource sector and the outlook for retail spending growth is positive.
Retail transaction volumes totalled AUD 3.3 billion in 2011 with a further AUD 2.1 billion recorded so far in 2012.  Five sub-regional transactions totalling AUD 399.5 million have so far been recorded in 2012 and volumes are on track to exceed the 2011 level of AUD 622 million.
Calamvale Central, which has a gross lettable area (GLA) of 17,326 sqm, is home to a number of retailers including Big W and Woolworths. The centre, which also houses 61 specialty stores, five kiosks and four ATMs, services a main trade area of 74,070 residents.
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