This article is from the Australian Property Journal archive
FORMER Queensland Premier Campbell Newman’s property syndicate Arcana Capital has acquired the Toowoomba large format retail centre Centrepoint on James for $13.75 million.
Markus Eames of LJ Hooker Commercial sold the 1.17-hectare 2A Goggs Street property, on the corner of James and Prescott Streets, which had been put to the market in February with expectations of as much as $20 million.
The bulky goods centre built in the early 2000s and has a net lettable area of 7,414 sqm, with 162 on-site parking spaces. It has eight tenants that include BCF, Pillowtalk, Carpet Choice and Fit Lab, and was offered with a net income of $1,166,546 per annum, and fixed annual increases 3%.
The site is located close on the edge of Toowoomba’s CBD and its major shopping centres Grand Central and Clifford Gardens.
Eames sold the property on behalf of a Toowoomba-based family that had held the asset for some time.
Arcana had reached due diligence on the property by mid-year, and launched a $7.4 million fund for which expressions of interest closed at above 100%. It is owned by Newman and co-founder of Chase Commercial, Dominic Condon, and former senior Rio Tinto figure Peter Eccleston.
It launched in 2015 and has acquired a string of retail and industrial properties, including the Hyde Park Medical Centre in Townsville, which it recently settled on for $6.715 million, and the Puma Energy service station at 43 Queen Elizabeth Drive in Rockhampton for $4.75 million.
Mid-year, Toowoomba saw Consolidated Properties Group and CVS Lane Capital Partners acquire the 18,500 sqm Wilsonton Shopping Centre for around $50 million, while in 2017 Charter Hall Retail REIT paid $41 million for the Highfields Village shopping centre.
Australian Property Journal
