Melbourne-based fund manager Fawkner Property has acquired the Clifton Village Shopping Centre in Clifton Beach, Queensland, for $34 million.
The seller, Indigenous Business Australia, acted as trustee for the IREIT Sub-Trust (IBA).
CBRE’s State Directors Michael Hedger, Joe Tynan, and Managing Director Danny Betros exclusively managed the sale, with the Expression of Interest campaign generating over 112 direct enquiries from private investors, syndicates, and institutions.
Nine competitive offers were submitted, reflecting sustained interest in the neighbourhood investment market.
“Since the relaxation of monetary policy, we have seen stronger enquiry levels across all retail investment campaigns in the market with new purchaser groups accounting for 28 percent, predominantly in the private and syndications sector,” said Hedger.
The 7,811sqm shopping centre is anchored by a recently upgraded Coles supermarket, along with one mini-major and 23 specialty stores. The asset boasts an income profile featuring The Reject Shop, Liquorland, Domino’s, and an allied health precinct that includes Terry White Chemist, QML Pathology, and a large medical centre.
“With the increasing construction costs putting pressure on new supply and future development feasibility, we continue to see strong demand from investors for assets that show value well below replacement costs,” said Tynan.
Clifton Village Shopping Centre is CBRE’s third retail property sale in Far North Queensland in 2025. One of the others was North Shore Marketplace, which ISPT bought for $33 million.
This acquisition marks Fawkner Property’s third shopping centre purchase in Cairns, after Earlville Shopping Town in 2022 for $146 million and Cairns Central Shopping Centre in 2024 for $390 million.
In the last two years, the company invested more than $1.85 billion in shopping centres nationwide, such as the Gladstone Square Shopping Centre ($26.7 million), Willows Shopping Centre in Townsville ($212 million), and Gladstone Centre Plaza ($139 million), establishing the firm as a leading retail property owner in Central and North Queensland.