CLARENCE ADDS TO PORTFOLIO

BALLINA-BASED fund manager Clarence Property this week finalised a $31.25 million purchase of a large format retail complex south of Brisbane.

The Zone Underwood comprises four buildings totalling 11,067sq m on a 2.85ha site on the corner of Compton and Kingston roads.

It is anchored by major national retailers, including Officeworks, Best Friends Pet Store, Rebel Sports and Good Price Pharmacy. There are also three national mini-majors and 12 specialty tenancies, including Subway and the Cheesecake Shop.

The acquisition is the latest retail addition to Clarence Property’s flagship unlisted Westlawn Property Trust that has $250 millionplus in assets between Yamba and the Sunshine Coast.

Acquisition manager Ben Somerville said The Zone was the fourth southeast Queensland purchase for Westlawn inside six months.

Clarence Property managing director Peter Fahey said more than half of Westlawn’s portfolio was now in southeast Queensland.

“We started in Grafton more than 24 years ago, and while we still have a strong presence in northern NSW, we are making a push into southeast Queensland, with 55 per cent of the portfolio across the region,” he said.