Consolidated / CVS Lance Pick Up Coles Arndale Shopping Centre
Consolidated Properties Group and CVS Lane Capital Partners have expanded their partnership by securing the Arndale Shopping Centre south of Brisbane for $35.5 million.
Arndale Shopping Centre is a fully enclosed 11,267sqm neighbourhood centre, anchored by Coles supermarket with 27 specialties, 4 kiosks and 3 pad sites. The Centre is situated on a significant 3.4-hectare site, fronting the busy M1 Freeway, 20 kilometres south of the Brisbane CBD.
Coles, which has been paying strong percentage rent throughout its term, recently showed their commitment to the Centre by executing their option to extend to 2029.
The Centre generates approximately $1.9m pa in net rental providing a 5.34% passing yield.
The purchasers have indicated that they will invest up to $25 million in structural and cosmetic upgrades of the Coles with work expected to start in 2020.
Consolidated Properties Group, led by Don O'Rorke, said "Springwood is the central business district of Logan and therefore retail demand is underpinned not only by a growing resident population but also a thriving business community."
The retail partnership between Consolidated and CVS Lane has invested in four neighbourhood centres across South East Queensland and northern New South Wales over the past five years, including shopping precincts in Ipswich's Karalee, Toowoomba's Wilsonton and Gold Coast's Palm Beach.
The sale process was run by Colliers.