Centuria Capital Group has acquired the Logan SuperCentre in Brisbane’s south for $115 million, which CBRE says is the biggest large format retail (LFR) deal in Australia in more than two years.
“This transaction demonstrates the continued demand and ready liquidity for well-located, LFR assets that provide in-built fixed annual rental income in addition to strategic landholdings,” said Simon Rooney from CBRE.
The 27,117sqm centre features two storeys and is 99.9 per cent leased, with major retailers as its tenants including Spotlight, Anaconda, Fantastic Furniture, Freedom Furniture, Snooze and Early Settler Furniture.
It also benefits from its co-location with Logan Ikea, the largest in Australia and one of only two within Brisbane.
“Currently, the domestic LFR sector is benefiting from strong macroeconomic tailwinds, underpinned by a national increase across population, employment and consumer spending,” said Jason Huljich, Centuria joint CEO.
“This asset is a fantastic addition to our Large Format Retail portfolio which currently comprises 31 centres throughout Australasia,” said Bruce McCully, Centuria’s head of retail.
