Lendlease sells Caneland Central in Mackay for $280 million

(Source: Supplied)

Lendlease’s Australian Prime Property Fund Retail is set to sell its Caneland Central mall in Mackay, Queensland to Sentinel Property Group for approximately $280 million.

Caneland Central, the region’s largest shopping centre at 65,964sqm, is anchored by Myer, Coles, Woolworths, Target, and Big W, and home to a variety of mini-majors and businesses.

The deal is the second major acquisition for Sentinel this year following on from Darwin’s Casuarina Square shopping centre for $418 million, the syndicator’s biggest deal since it was established in 2010.

Caneland Central has been owned and operated by APPF Retail since 2001. The company said that as Mackay’s top shopping and lifestyle destination, it drew a lot of interest from potential investors.  

“The centre has been a strong performer for APPF Retail due to its mix of retail, lifestyle and dining and core position at the heart of Mackay’s local community,” said Anne MacSporran, fund manager at APPF Retail. 

Sentinal says it will commence “immediate improvements” to the centre including a renewable energy upgrade through the installation of a roof-mounted solar system, which the group has also added to its DFO retail complex in Cairns. A new moving walkway is also being installed in the centre.

Sentinel CEO Warren Ebert said Caneland Central is the first property to be owned by the Sentinel Caneland Mackay Investment Trust and the premier shopping and lifestyle destination in the Mackay region.

“Like Casuarina Square, Caneland Central completely dominates its market. Every man, woman and child in Mackay comes to Caneland four times a month. You could never duplicate this centre and you also cannot find another 14ha site like this in the city, let alone even close to the city.”

The sale was handled by JLL’s Nick Willis and Sam Hatcher.

Last month, Dexus sold Homemaker Prospect for $78.9 million. Willis and Hatcher were also responsible for the transaction. 

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