Primewest buys Yamanto Shopping Village for $35.25m

Primewest buys Yamanto Shopping Village for $35.25m

December 13, 2018

Jones Lang LaSalle Inc.

A WEST Australian-based fund manager has refurbishment plans having snapping up a neighbourhood shopping centre south west of Brisbane.

Primewest Funds paid $35.25 million for the Yamanto Shopping Village and Yamanto LFR (Large Format Retail) Centre in Queensland.

JLL Retail Investments Senior Directors Jacob Swan and Sam Hatcher guided the sale process through a successful off-market campaign and result on behalf of Shayher Investments Pty Ltd.  

The combined 12,532sqm complex was purchased by interests associated with Primewest Funds Ltd.  

Mr Swan said the buyer was attracted to the asset due to the opportunity to value-add and reposition the centre for the longer term. 

“Primewest is one of Australia’s most active property fund managers and was on the lookout for not only a great investment opportunity, but one where they could add value. In this case, their strategy is to invest significant capital into the centre to reset the anchor tenant Woolworths lease and refurbish the abundant specialty offering,” he said.

Robust investor demand continues for Queensland retail assets with seven neighbourhood shopping centre transactions totaling more than $350m reported in the last 3 months alone.

Mr Hatcher said there continues to be evidence of strong competition for prime retail assets with a low risk profile, recurring income and underlying land value.

“Capital is being reallocated within the retail sector towards these defensive and high-performing neighbourhood centres which are still keenly pursued by investors,” he said.

Anchored by a strongly performing Woolworths supermarket, McDonalds and Super Amart, with mini-majors Super Cheap Auto and Priceline, the centre is in a single-level plaza style format with 22 specialty tenants, three pad sites, two ATMs/kiosks and 657 at-grade car parking bays across a combined 49,457sqm land holding. The complex is on the corner of Warwick Road and the Centenary Highway in Yamanto, 7km south of Ipswich City.

Yamanto is located in one of the fastest growing areas of Ipswich and is 5km from the expanding Amberley RAAF Base. The Main Trade Area (MTA) encompasses around 57,000 residents with the catchment area been identified as a major urban growth corridor suitable for residential, business and industrial development.