Haben broadens Queensland retail portfolio with 6% yield deal.
22 March 2022
Sydney-based fund manager Haben has increased its exposure to the Brisbane retail property market after purchasing The Station Oxley neighbourhood centre for about $47 million from global fund manager Savills Investment Management.
The sale was struck on a yield of about 6 per cent, adding to a flood of institutional and private investor capital pouring into the neighbourhood mall sector.
Savills Investment Management previously purchased the 133 Oxley Station Road property in Brisbane’s south-west five years ago from fund manager Folkestone (now part of Charter Hall) for $43.5 million on a yield of 6.6 per cent.
The 7100 square metre shopping centre is anchored by a Woolworths supermarket and a Queensland government office plus 16 specialty shops and 126 undercover car parking spaces.
Haben managing director and chief executive Ben Finger did not respond to a request for comment. It is understood the off-market deal was brokered by the JLL Retail Investments team, led by Sam Hatcher.
The acquisition follows Haben partnering with Hong Kong investment house JY Group to purchase the Wollongong Central shopping centre from GPT Group for $402 million last year. That deal was also struck on about a 6 per cent yield.
According to its website, Haben has transacted more than $1 billion in assets since being established in 2009 by father-and-son team Harold and Ben Finger.
Its current portfolio comprises five malls in NSW, three in Victoria and two in Queensland.
The sale of The Station Oxley highlights the appetite among fund managers, alongside private investors, for supermarket-anchored retail property.
According to JLL, heightened interest in the neighbourhood shopping centre segment had transactions hit a record $2.9 billion last year, up 47 per cent on the five-year average.
Alongside the sale of The Station Oxley, JLL and CBRE are bringing the Watervale Shopping Centre in Melbourne’s Taylors Hill to market on behalf of businessman John Shalit. Price expectations are above $40 million for the centre, which is anchored by a Woolworths supermarket.
JLL’s Stuart Taylor, Tom Noonan and Sam Hatcher and CBRE’s James Douglas are running an expression of interest campaign. Mark Wizel of Advise Transact is advising Mr Shalit.
Also on the market is the Woolworths-anchored Kallo Town Centre in Melbourne’s north, which Stonebridge Property Group is selling on behalf of developer Oreana Group.
The centre is due for completion in April 2023.
The Station Oxley sale follows Brisbane fund manager IJ Capital selling Coles-anchored Benowa Gardens near Surfers Paradise for $60.5 million to a Queensland private investment group. The deal was struck on a 5 per cent yield.