The transaction is scheduled to be completed at the end of February 2024.
The Australian fund Prime Property Fund Retail has successfully sold the Cairns Central shopping center located in northern Queensland to Fawkner Property for approximately $261.2 million (390 million Australian dollars). The transaction is scheduled to be completed at the end of February 2024.
According to a statement from Lendlease, the company managing APPF Retail, Cairns Central is the only regional shopping center in the Far North Queensland region. The property covers a total area of 51,972 square meters and hosts over 186 quality tenants. The location, diverse retail offerings, and promising growth projections made the property highly desirable for potential purchasers.
“The sale of Cairns Central is a strong result for APPF Retail investors, particularly in light of market conditions experienced throughout 2023. With the strategic divestment of this asset, APPF Retail will be able to close out the remaining redemption requests in the Fund, providing liquidity to those investors who requested it,” said Anne MacSporran, Fund Manager APPF Retail, Lendlease.
Cairns Central is the largest shopping center in Far North Queensland and has been servicing the local region since 1997. In 2021 the center completed a $60 million redevelopment. The redevelopment saw the introduction of a new Woolworths and ‘Food Hall’ precinct and a revitalised Myer bringing the latest concept store design and premium brands to Cairns and cementing Cairns Central’s position as the leading and the largest shopping center in Far North Queensland.
The center has a CBD location within walking distance of major tourist hot spots, such as the Esplanade Tourist Area, Cruise Ship Terminal as well major hotel chains. Cairns Central is a must visit destination for domestic and international tourists visiting the region.
The center is fully enclosed and offers an extensive range of stores and services. It has over 170 stores together with Myer, Kmart, Coles, Woolworths and Vmax screens at Event Cinemas.