An off-shore private investor has purchased the Kallangur Fair Shopping Centre from the Charter Hall Retail REIT for $21.38 million, representing a near 15% premium to book value.

Peter Tyson and Jon Tyson of Savills Retail Investments negotiated the sale of the Woolworths anchored neighbourhood centre following a competitive an Expressions of Interest process.

Peter Tyson said continued deep investor demand for retail assets generated strong interest from the market and the result was in line with expectations and not surprising.

“The sale process generated multiple offers from local and off-shore buyer groups, including private investors, syndicators and fund managers.”

Situated 24 kilometres north of Brisbane, Kallangur Fair comprises an enclosed mall featuring a 3,247sq m Woolworths supermarket, a 420sq m discount variety mini-major and 10 specialties with a total GLA of 4,703sq m.

The centre is situated on Kallangur's main thoroughfare, Anzac Avenue on a 15,800sq m site and features parking for 270 cars.

Jon Tyson said “Kallangur Fair was extensively refurbished in 2017 and provided a strong WALE of 8 years.”