Jones Lang LaSalle have sold the homemake centre Home Gladstone in Queensland for $27 million.
Jones Lang LaSalle Australian head of retail investments, Simon Rooney said the deal was finalised on behalf of CPT Custodian to BWP Management.
“Home Gladstone is a fully leased, near new Homemaker Centre in a high profile location in the Queensland resources powerhouse city of Gladstone, centre of the mining and resources boom,” he said.
Securely anchored by Bunnings (exp.2017) and Harvey Norman (exp. 2017), the centre is home to two mini-majors and four specialty tenancies as well as over 500 carparks and boasts a total GLA of 21,791sqm over a total site area of 5.46ha,
“As the only identifiable Homemaker Centre in Gladstone, it represented an extremely attractive offer to the market, in a booming regional city – and the market responded accordingly,” Rooney said.
"The homemaker space continues to see sporadic opportunistic plays in a generally oversold market, with the high quality bulky goods assets attracting keen interest primarily from the specialist domestic investors such as BWP, BB Retail, Gerry Harvey & Arkadia.”
Jones Lang LaSalle’s Jacob Swan said the deal is set to inject the regional Queensland property market with a renewed sense of confidence.
“Gladstone is experiencing an unprecedented level of investment in resources driven infrastructure totalling $75 billion over the next 5-10 years via major LNG and Coal projects, and this is driving a flow-on effect locally, as seen by the sale and growth in the city, as well as state-wide and nationally,” he said.