Consolidated Properties Group and CVS Lane Capital Partners have kicked off the new year with the $84.5million acquisition of the Great Western Super Centre in what is the second largest neighbourhood centre sale in the last 12 months.
The new buyers are certainly not newcomers to the retail industry with this purchase increasing the pair’s retail portfolio to approximately 485 million which includes seven shopping hubs complete, under renovation or in the pipeline throughout South East Queensland. This purchase was an attractive purchase to the duo due to the shopping centre being located in an established neighbourhood centre with high growth corridors – there are more than 1,500 new homes planned in the surrounding area. In addition, this popular shopping precinct boasts 15,400sqm of floor space anchored by Woolworths and Aldi, alongside six mini majors and 44 specialty stores.
Consolidated Properties Group and CVS Lane Capital Partners have great plans in store for this much loved shopping precinct, with an aesthetic upgrade to the entire Great Western centre getting underway imminently, with the aim of attracting new tenants to improve the already robust retail offering. Other visions include a range of other home, health and lifestyle uses which will cater to a growing local population.