Quanta Investment Funds has settled on its acquisition of the Yamanto Village in Ipswich, Queensland for $21.1m.
Built in 2016, the 422-436 Warwick Road property was fully leased with over 65% of gross income underpinned by national brands.
The centre had a range of tenants including an Ampol service station, three national fast-food drive-throughs, a gym, a dentist and seven specialities.
The asset will join the company’s $48m open-ended pooled trust, Quanta Multi-Sector Income Trust.
Quanta CEO Stacey Jones said it was particularly pleasing to see that investors in the trust included a mix of new and existing unitholders.
“They appreciated the combination of the secure and diverse income sources, inbuilt defences to forecast interest rate rises, income and capital growth via strong fixed annual reviews and favourable value-add opportunities resulting from strategic sub-division of the site,” Jones said.
The retail deal comes ASX-listed Newmark Property REIT bought a large format retail complex in the Brisbane suburb of Underwood for $57 million last month.
Other Queensland retail deals include Whistle Funds Management’s sale of the Tannum Central Shopping Centre near Gladstone for $18.5 million and the sale of the Emu Park Village shopping centre near Rockhampton for $17.95 million recently.
ISPT purchased the Caloundra Village retail centre on the Sunshine Coast, while QIC recently settled on the sale of its half stake in the Westfield Helensvale shopping centre on the Gold Coast for $185 million.
National retail property investment declined 28% year-on-year to $3 billion in the second quarter of 2022, according to MSCI Real Assets.
For the first half of the year, national retail investment was down 17% to $6 billion.