- Caneland Central has come to market, highlighting the continually improving appetite for major retail assets
- The centre is the Queensland regional city’s largest shopping centre, serving over 175,000 people
- The centre has been owned and managed by Lendlease’s APPF Retail fund since 2001
- According to JLL Research, overall retail investment activity in 2021 will be over $13.3 billion, up from $4.7 billion in 2020
Caneland Central in Mackay, Queensland has come to market, demonstrating the growing demand for big retail properties as a consequence of the economy’s health, stabilisation of retail values, and an increasingly enticing investment outlook.
Myer, Coles, Woolworths, Target, Big W and a variety of mini-majors and speciality tenants dominate Caneland Central, a prominent 65,964 sqm regional shopping mall.
It is the region’s largest shopping centre, serving over 175,000 people, and the only regional shopping centre that can accommodate Myer within 320 kilometres.
The centre underwent a major renovation in 2011 and has plans approved for a 5,500 sqm expansion and development of a new cinema and food and beverage precinct.
Senior Directors Nick Willis and Sam Hatcher of JLL Retail Investments (Australia) have been engaged on behalf of Lendlease to put APPF Retail’s 100 per cent stake in Caneland Central to market via an expressions of interest campaign.
The centre, which has been owned and managed by Lendlease’s APPF Retail fund since 2001, presents an opportunity to own a 100 per cent stake in a dominant regional shopping centre.
According to JLL Research, overall retail investment activity in 2021 will be over $13.3 billion, up from $4.7 billion in 2020, with a considerable rise in the number of shopping centres trading for more than $200 million. In 2021, JLL Research observed 13 sales of more than $200 million, compared to only three in 2020.
“Assets in these markets have very high barriers to entry, and they are typically the focal point of the community,” Mr Willis said.
“At Caneland Central, over 130 tenants are unique to the trade area, servicing over 175,000 people, underpinning the dominance and long-term performance of the asset.”