Melbourne fund manager buys landmark Queensland mall
Melbourne based fund manager Fawkner Property has added to its Far North Queensland portfolio following an off market deal for Townsville’s largest mall.
Willows Shopping Centre at Thuringowa Central, c12 kilometres south west of the city centre, is being bought for $212 million – inline with book value, reflecting a high circa eight per cent yield.
Completed in 1985 and renovated seven years ago, it contains 44,507 square metres anchored to Aldi, Coles, Kmart and Woolworths.
There are also about 130 specialty tenancies and seven pad sites.
Nearly 30 per cent of the 15.4ha block can immediately be developed.
CBRE’s Simon Rooney acted for Fawkner and dealt with seller, Dexus, which held it in the Wholesale Property Fund.
Stonebridge’s Jonathan Fox and Carl Molony with JLL’s Sam Hatcher and Nick Willis had been the agents (story continues below).
Fawkner expands in FNQ
Fawkner manages several funds for amongst others, private investors, syndicates and unlisted trusts.
We have in recent years reported it buying Queensland assets at Mackay and Cairns.
In 2016, the manager bought two regional centres in the state from MAB including The Rising Sun in Townsville’s Mundingburra, which set it back $9.85m.
The other mall was Town Plaza at Charters Towers, about 130 kilometres south west of Townsville.
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