Ar­cana ac­quires new as­set

The Coffs Coast Advocate - - REAL ESTATE -

BRIS­BANE-based Ar­cana Cap­i­tal has swooped on a prom­i­nent re­tail con­ve­nience cen­tre lo­cated in the Bris­bane bay­side sub­urb of Red­land Bay.

The prop­erty was sold for $15.6 mil­lion fol­low­ing an ex­pres­sions of in­ter­est cam­paign han­dled by Jon Tyson and Michael Har­court of Sav­ills, which at­tracted more than 150 in­quiries and mul­ti­ple of­fers, re­flect­ing a yield of about 7.35%.

Red­edge Red­land Bay Shop­ping Cen­tre in­cor­po­rates a mix of com­ple­men­tary uses, in­clud­ing a med­i­cal cen­tre, chemist, den­tist and newsagent, plus a range of food re­tail­ers and ser­vice ten­ants.

Mr Tyson, Sav­ills di­rec­tor of re­tail in­vest­ments in Queens­land, said the sale of the shop­ping cen­tre con­tin­ued the strong run of con­ve­nience shop­ping cen­tre sales in the subur­ban Bris­bane mar­ket.

“Con­ve­nience-based cen­tres in high-pro­file lo­ca­tions with main road ex­po­sure are one of the best per­form­ing sec­tors of the buoy­ant re­tail in­vest­ment mar­ket,” Mr Tyson said. “In par­tic­u­lar, well-es­tab­lished cen­tres with a pop­u­lar su­per­mar­ket of­fer­ing and qual­ity mix of supporting ten­ants are very highly sought af­ter by in­vestors.”

Set on a 5171sq m site on the corner of Cy­press St and School of Arts Road at Red­land Bay, the cen­tre ben­e­fits from high-pro­file ex­po­sure and ac­cess to the area’s main ar­te­rial Cleve­land-Red­land Bay Rd.

Camp­bell New­man, a di­rec­tor of Ar­cana Cap­i­tal, said the Red­edge Red­land Bay Cen­tre pre­sented a rare op­por­tu­nity to ac­quire a dom­i­nant lo­cal con­ve­nience cen­tre.

“An­chored by a strongly trad­ing IGA, Red­edge has a dy­namic bal­ance of re­tail, med­i­cal, ser­vice, ed­u­ca­tion and food ten­ants,” Mr New­man said.

Mr Har­court said the sale of the shop­ping cen­tre was the lat­est of eight Queens­land con­ve­nience cen­tre trans­ac­tions by Sav­ills Re­tail In­vest­ments so far in 2017, with more than $100 mil­lion in con­ve­nience cen­tre deals ei­ther set­tled or un­der way. This trans­ac­tion rep­re­sents the sec­ond time Sav­ills have sold the con­ve­nience cen­tre, hav­ing pre­vi­ously sold the prop­erty to the ven­dor in 2014 on be­half of the cen­tre’s de­vel­oper.

For fur­ther in­for­ma­tion con­tact Mr Tyson on 0424 506 124.

PHOTO: CON­TRIB­UTED

STRONG IN­TER­EST: Red­edge Red­land Bay Shop­ping Cen­tre was sold for $15.6 mil­lion.

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