Following a massive year for Australian retail property, we took a look back at Australia’s biggest single retail property deals of 2021, as reported by Real Capital Analytics.
10. Mount Pleasant Centre – $162.5 million
Fawkner Property bought the Mount Pleasant Centre in Mackay, Queensland from Vicinity Centres, which managed the asset on behalf of Commonwealth Bank Group Super, for $162.5 million in September.
The 22,519 sqm convenience-based property was the only sub-regional centre within its trade area and serviced a catchment of 112,520 residents. It featured a major tenant weighted average lease expiry (WALE) of 8.4 years.
The sale price reflected a net passing yield of 6.46% and a fully leased yield of 6.55%.
2021 in review
9. The Square, Mirrabooka – $195 million
Fawkner Property purchased The Square, Mirrabooka in Perth from the Perron Group for $195 million in June.
Located 12km north of Perth’s CBD, the shopping centre was situated on 13.6-hectare site and was anchored by Coles, Woolworths, ALDI, Kmart and Big W.
The sale price reflected a passing yield of approximately 6.97% and a fully leased yield of about 7.25%.
8. Rundle Place – $210 million
Blackstone sold the Rundle Place asset in Adelaide’s CBD to Fortius and Irongate Group for $210 million in April.
The 23,245 sqm centre was said to be Adelaide’s only premium-grade CBD retail asset and was home to South Australia’s only Apple Store, as well as other retailers.
7. Casey Central Shopping Centre – $225 million
Haben Property Fund and JY Group acquired the Casey Central shopping mall in Melbourne’s south from M&G Investments for $225 million.
The centre was anchored by Coles, Woolworths, Aldi and Kmart and had an average lease expiry of 14.4 years by income.
The deal, which reflected a yield of around 5.4%, was the state’s largest such sub-regional shopping centre transaction in five years.
6. Strathpine Centre – $267 million
YFG Shopping Centres bought the Strathpine Centre in Brisbane from Blackstone in an off-market deal for $267 million in December.
The suburban shopping centre offered 45,304 sqm of gross lettable area (GLA) and was located on a 17.47-hectare site about 22km north of the Brisbane CBD.
It was anchored by Woolworths, Coles, Aldi, Big W, Target and a Birch Carroll and Coyle cinema complex.
5. Myer Melbourne – $270.4 million
GIC and Nuveen Real Estate sold their two-third stake in the Myer Melbourne retail building to Charter Hall and Abacus Property for $270.4 million in July.
Located in a prominent position on the Bourke Street mall, the property offered nine levels of retail accommodation over about 40,000 sqm of GLA.
4. Pacific Fair – $336.4 million
AMP Capital, UniSuper and Cbus Property purchased a 20% stake in Pacific Fair on the Gold Coast, Queensland from Dexus for $336.4 million in December.
The stake was bought through the AMP Capital Retail Trust (ACRT), resulting in the fund wholly owning the asset.
The shopping centre featured 147,353 sqm of GLA and was let to eight major tenants, 25 mini majors and 329 specialty stores.
3. Harbour Town – $358 million
Vicinity Centres bought a 50% stake in the Gold Coast’s Harbour Town outlet centre from a Lendlease-managed fund for $358 million in October.
The Harbour Town retail asset had 55,693 sqm of GLA, with more than 200 stores including Woolworths and Reading Cinemas.
Lewis Land Group retained its 50% interest in Harbour Town and would continue to manage the property, while Vicinity would manage the centre’s leasing activity.
2. Macquarie Centre – $422.5 million
The AMP Capital Shopping Centre Fund (ASCF) acquired a 25 per cent stake in Macquarie Centre in Sydney from Dexus for $422.5 million in December.
The Macquarie Centre featured 135,514 sqm of GLA and was home to eight major tenants, 22 mini majors and 327 specialty stores.
Following the deal, ASCF and the AMP Capital Retail Trust (ACRT) each held 50% of the shopping centre.
1. David Jones Elizabeth Street – $510 million
Charter Hall and a consortium of its funds and partnerships acquired the David Jones Elizabeth Street store in Sydney from Woolworths for $510 million.
The Sydney CBD property comprised 12 levels on a 3,530 sqm prime CBD retail site with frontages to Elizabeth, Castlereagh and Market Streets.