Region sells lemonade factory turned mall
Region Group has sold West End’s Soda Factory shopping centre after 10 years and a renovation.
The 5253 square metre asset on a hectare at 79 Boundary Street, on the north west corner of Mollison, also facing Cameron, fetched $42 million from an as yet undisclosed local investor behind residential and commercial product in the pocket.
The ASX listed vendor chose to sell it off-market; the result is inline with the December, 2023, valuation which assumed a 6.25 per cent capitalisation rate.
It paid $32m to Lionis Holdings then in 2021 invested in a major cosmetic upgrade including to an internal mall, lifts, amenities and car park.
The c1928 building – constructed in 1928 for soft drink manufacturer Tristram – was also restored.
Region, the name for SCA Property since November, 2022, also rebranded the complex from The Markets.
The deal comes three weeks since we reported the shopping centre investor bought its first Canberra asset – Cooleman Court – for $74m.
In April meanwhile the group sold Launceston’s Riverside Plaza for $14m, a small drop on the $14.2m December, 2023, valuation.
Soda Factory
The West End property ceased manufacturing in 1979, soon after Tristram sold to Cadbury (story continues below).
The property then became a market before in 2001 being converted into a mall by Heritage Group, which sold it eight years later to Lionis.
Coles is the long-time anchor (though it did vacate to allow for the renovation) with a c3000 sqm space.
There are also 23 specialty stores and 276 car parks, 232 in a two storey basement.
CBRE’s Joe Tynan and Michael Hedger represented Region, which holds over 100 assets worth some $4.5 billion.
The Tristram family are still in the industry, controlling Trisco Foods, with US manufacturing plants.
West End is less than two kilometres south west of Brisbane’s CBD.
More to come.
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