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News release


Greenbank Shopping Centre and adjoining development land sells for $33,000,000

​Greenbank Shopping Centre and adjoining development land has transacted to Shopping Centres Australia (SCA) Property Group for a combined sales price of $33,000,000 in a transaction negotiated by JLL's Sam Hatcher and Jacob Swan in conjunction with CBRE.

SCA Property Group has purchased Greenbank Shopping Centre for $23,000,000 and executed an unconditional put-and-call option deed to acquire the adjoining 9.96ha* development site for $10,000,000 with a delayed settlement of up to five years. The sale of the centre reflects a net passing initial yield of 6.61%.

JLL Director Queensland Retail Investments, Mr Sam Hatcher commented, "the strong yield of 6.61% was reflective of the strategic asset with a highly desirable long term lease to Woolworths, the reversionary income potential of the specialty tenants and the long term WALE for the centre of 10.77 years (by area)."

"Additionally the centre is strategically located within one of Queensland's major future population nodes – south west of the Brisbane CBD - with the MTA's population and retail expenditure anticipated to grow by 6.5% and 10.0% per annum, respectively, between now and 2026," he said.

"Neighbourhood Centre transaction volumes totalled $1.9 billion in 2015, marginally above the record level reached in 2014 ($1.8 billion). Institutional investors, such as SCA Property Group, continue to be attracted to the neighbourhood sector because of the attractive yields relative to other retail sub-sectors and other property sectors." 

"We expect that transaction activity will remain strong during 2016 as a result of the pent-up levels of demand for prime grade retail assets," he said.

"Neighbourhood Centres with strong underlying retail fundamentals, including long-term leases to Woolworths and Coles, as well as the potential for income growth through specialty tenancies, will continue to be highly sought-after. This demand will be reflected in a continued divergence in the yields for prime and secondary Neighbourhood Centres."

The strong population growth anticipated for Greenbank, as well as the centre's location within the Greater Flagstone Priority Development Area, was a major consideration in SCA Property Group undertaking the put-and-call option deed on the adjoining 9.96ha development parcel. Current planning regulations provide for a possible expansion of Greenbank Shopping Centre of up to 2.20ha of additional GFA (including the adjacent land).     

Greenbank Shopping Centre comprises a single level neighbourhood centre anchored by a strong performing 3,970sqm Woolworths supermarket as well as a Woolworths Plus Petrol and 17 specialties. The 5,690sqm centre was opened in 2008 and has established its position as the dominant centre within the local retail hierarchy.