Ganellen Asset Management, an investment company based in Sydney has acquired Kallangur Fair Shopping Centre for $22.45 million, following competitive expressions of interest submissions.
Sale negotiators Peter Tyson and Jon Tyson of Savills Australia revealed the sale process has generated multiple offers from local and offshore buyer groups, including private investors, syndicators and fund managers.
Mr Peter Tyson said Kallangur Fair Shopping Centre was extensively refurbished in 2017 and provided a weighted average lease expiry of around 4.6 years by income at the time of sale.
Located on a 15,800-sqm site at Anzac Avenue, Kallangur Fair Shopping Centre features a 3,247sqm Woolworths supermarket and a 420sqm discount variety mini-major along with 10 specialty stores. It also has parking for 270 cars.
“This is a prime neighborhood shopping center that is anchored by a dominant full-line Woolworths Supermarket and complemented by strong non-discretionary specialty tenants,” said Richard Manning, Managing Director of Investment and Asset Management at Ganellen.
“Ganellen Asset Management is the Investment Manager of the Fund. Ganellen Property Management will manage the property, extending its portfolio beyond Sydney, Canberra and Auckland to now include the 2032 Olympic city, Brisbane,” Mr Manning said.