The near 21,000 sq m mall at 16 Maryborough Street is anchored by Coles, Woolworths and Kmart and is the dominant centre in the Queensland coastal town of more than 70,000 people.A purchase price of $107 million would equate to a yield of about 7.
“As an active real estate manager, QIC is constantly strategically reassessing the holdings of our funds to capture optimal growth and return outcomes for our clients, and this proposed divestment is in line with the client-endorsed strategy for QARP.” Another big regional mall expected to change hands is Cairns Central – another Lendlease-managed asset – with investment house Haben mooted as the buyer for close to $400 million.
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