Family-owned Canute Investments Limited has listed a range of properties in Queensland and Western Australia for $140 million citing retirement as the reason for the divestments.
The assets include three fully-leased neighbourhood shopping centres – Logan Village shopping centre and Ormeau Village in Queensland as well as Carramar Village in WA – a commercial building in Perth, and an 84 property residential portfolio in WA.
The 4,700sq m Woolworths Ormeau is located 35 kilometres north-west of Surfers Paradise. It comprises a Woolworths supermarket and six specialty stores and sits on an 8,607sq m site.
Logan Village, also with a Woolworths Supermarket, is 48 kilometres south-west of Brisbane and sits on a 1.2-hectare site.
Both centres are currently on separate 20-year leases drawing fully leased net incomes of $926,000 a year for Logan Village and $1,715,000 a year for Ormeau Village.
The 5,294sq m Carramar Village shopping centre, in Perth’s northern suburbs, is anchored by a Woolworths supermarket and has parking for 300 vehicles. It has a fully-leased net income of $2,050,000.
The WA residential portfolio comprises 84 residential properties, featuring a fully-leased gross income of $1,536,000 – all available in one-line and alongside an aligned property management business.
Canute’s 2,591sqm office building at 13-15 Rheola Street in West Perth offers medium-term redevelopment opportunity and a fully-leased net income of $975,400 per annum.
CBRE’s Richard Cash, Anthony Del Borrello, Ben Younger and Derek Barlow have been appointed to market the WA assets while Joe Tynan and Michael Hedger have been appointed to market the Queensland shopping centres.
“These market conditions, combined with the compelling investment fundamentals of these properties, are expected to ignite interest from local WA investors, national groups and offshore parties,” Cash said.
Hedger said the Queensland shopping centres, with long weighted average lease expiries of more than 12 years each, offered potential investors good income security.
“Both investment opportunities are located in two of Brisbane’s highest-growth residential corridors, which are expected to see double digit growth within their respective main trade areas while also allowing opportunity for development and expansion.”
Source: theurbandeveloper.com