Queensland’s best performing regional shopping centre, Cairns Central has sold for $390 million, transacted by Colliers and McVay Real Estate.

Colliers’ managing director of retail capital markets, Lachlan MacGillivray and McVay Real Estate managing director, Sam McVay, acted on behalf of the seller.

Home to 186 tenants, Cairns Central is anchored by a Myer, Kmart, Target, Coles, Woolworths and Event Cinemas. A lifestyle, entertainment and fashion destination for both residents and tourists alike, the centre is one of Australia’s top performers reporting total sales of $511 million per annum.

Major tenants report a combined $198 million in sales per annum and have a long WALE of 6.3 years by GLA and 6.1 years by income. As well as major tenants, other retailers include City Beach, Daiso, iPlay Australia, Rebel, Best & Less, Terry White Chemmart and JB Hi-Fi.

The Centre has a GLA of 51,972 square metres and occupies a landmark 9.4-hectare site, which is directly connected to Cairns Railway station.

“The sale of Cairns Central represents the second largest retail asset transaction for 2023, following Fawkner’s acquisition of Midland Gate Centre in Perth for $465 million,” MacGillivray said.

“The Cairns Central deal was also one of the few remaining opportunities to secure a 100% interest in a Regional Shopping Centre in this investment cycle. We expect availability for this calibre of product to tighten further in 2024 and beyond.”

McVay added, “The sale campaign for Cairns Central attracted strong international and domestic buyer demand. We were pleased with the calibre of investors that ran the ruler over Cairns Central, with the outcome being a testament to its outstanding sales performance and market dominance.”