Centuria Capital Group has secured the $202 million West Village retail precinct within Sekisui House’s $1.1 billion master-planned mixed-use development in West Village, Brisbane.
The group will co-invest in the acquisition alongside an existing international sovereign wealth fund’s institutional mandate.
Spanning 16,560sqm, the West Village retail precinct includes two anchor supermarkets, which are complemented by cafes, restaurants, bars, parklands and wellness facilities. The precinct will cater to about 1250 households within the West Village development in addition to the surrounding West End and South Brisbane residential communities.
“Approximately, 89 per cent of the portfolio’s income is underpinned by daily needs and non-discretionary tenants providing a resilient and defensive income profile,” said Bruce McCully, head of retail at Centuria. “This creates a destination in the heart of a historic site that was once home to the Peters Ice Cream and Cone factories.”
Divided into three phases, the acquisition is expected to be settled between the end of this year and early next year.
The first phase includes a 9456sqm retail mall, anchored by a full line Woolworths/BWS and flagship Harris Farm along with 19 specialty tenants and two kiosks. Phase one also incorporates ‘The Eaves,’ a three-level property with retail, F&B tenants, The Soakhouse spa as well as the transformation of the former Peter’s Ice Cream factory into specialty retail, office accommodation and parking.
While the next phase incorporates the retail and hospitality property ‘South Pavilion,’ expected to be completed later this year, phase three will include the refurbished former Peter’s cone factory, providing more retail and hospitality outlets.
“West Village is an award-winning development and flagship project for Sekisui House Australia,” said Hide Seguchi, Group CEO and MD at Sekisui House Australia. “Centuria has a proven track record and focus on the ongoing management of quality, premium retail precincts with strong community outcomes around the country.”