Fawkner Property has acquired Townsville’s Willows shopping centre in Queensland from Dexus Wholesale Property Fund for $212M.
Willows has gross lettable area of 44,507sq m and its major tenants include Big W, Woolworths, Coles, Aldi, Rebel, TK Maxx, JB-Hi-Fi and Cotton On, along with 107 specialty shops. The shopping centre generates over $360M in moving annual turnover.
“As interest rates potentially move into a stabilisation phase, private capital, which has dominated this investor space over the past two years, is moving quickly to secure high quality, large retail assets at compelling returns as this window of opportunity begins to close,” said Simon Rooney, CBRE Head of Retail Capital Markets – Pacific.
“We have recently seen the re-entry of offshore and now domestic institutional investors into the sub-regional and regional shopping centre sector given the compelling returns on offer. This should translate into increased retail sales volumes as we close out 2024 and continue into 2025.”
