Savills' Peter Tyson and Jon Tyson negotiated the sale of the Woolworths anchored neighbourhood centre on behalf of an off-shore investor to Sydney based Ganellen Asset Management at a passing yield of 5.9% following a competitive Expressions of Interest process.

Peter Tyson said, “Continued deep investor demand for retail assets generated strong interest from the market. The sale process generated multiple offers from local and offshore buyer groups, including private investors, syndicators and fund managers. The centre was ultimately acquired by a Sydney based consortium of private investors”.

Managing Director of Ganellen Real Estate Asset Management, Richard Manning commented “Ganellen Asset Management is delighted to advise we have successfully achieved the acquisition of Kallangur Fair in metro Brisbane on behalf of its investors.“

“This is a prime neighbourhood shopping centre that is anchored by a dominant full-line Woolworths Supermarket and complimented by strong non-discretionary specialty tenants. Ganellen Asset Management is Investment Manager of the Fund. Ganellen Property Management will manage the property, extending its portfolio beyond Sydney, Canberra and Auckland to now include the 2032 Olympic city, Brisbane.“

Kallangur Fair is located in Brisbane’s outer northern suburb of Kallangur and 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.

Originally developed in 1993, the centre is situated on Kallangur's main thoroughfare, Anzac Avenue on a 15,800 square metre site and features parking for 270 cars.

Jon Tyson said, “Kallangur Fair was extensively refurbished in 2017 and provided a weighted average lease expiry of around 4.6 years by income at the time of sale.”