Aubrey
High-Value Acquisition Reinforces Mackay’s Retail Potential
Arcana Capital’s recent acquisition of a substantial large-format retail (LFR) centre in Mackay has sent ripples through the investment landscape.
The $12.3 million deal, orchestrated by CBRE’s renowned negotiators, showcases the increasing appeal of well-established retail assets in the Mackay region.
Taking Mackay’s Retail Scene by Storm
The Mount Pleasant property’s sale, managed by CBRE’s Joe Tynan, Michael Hedger, and Harrison Coburn, has highlighted the robust demand among high-net-worth investors.
With five formal offers stemming from an on-market Expression of Interest campaign, this sale underscores the allure of LFR assets bolstered by solid national covenants.
The Centre’s Charm: A Lucrative Investment
Spanning around 6,241sqm, the 17 Greenfields Boulevard Centre boasts a fully leased status to prominent national retailers.
Its strategic location, approximately 3km north of Mackay’s CBD, and a sizeable 2.18ha site within the Mount Pleasant retail hub contribute significantly to its investment appeal.
Arcana Capital’s Win-Win Investment
Arcana Capital’s chairman, Campbell Newman, lauds this acquisition as meeting prime property fundamentals.
The property promises long leases to robust tenants, ensuring investors a competitive 8% per-year distribution.
The successful capital raise in a challenging economic climate underscores the compelling allure of this Mackay-based investment.
Looking at the Bigger Picture
Despite the property’s allure, 2023 has seen limited LFR transactions in Queensland, totalling only $99 million in sales, pointing towards the market’s constrained supply.
This scarcity, coupled with heightened construction costs, signals potential rental growth opportunities in the sector.
Investor Interest Sparks a Promising Future
The acquisition of the Mount Pleasant property not only signifies a lucrative investment opportunity but also sheds light on Mackay’s evolving retail landscape. As investor interest intensifies, the city’s retail sector holds promise, underpinned by robust fundamentals and a scarcity of similar investment opportunities in the region.
