Industry News

SCA Property Group acquires Mt Isa Village

Mount Isa Village, QLD sold for $44.2m

SCA Property Group has acquired Mount Isa Village shopping centre for $44.2 million. The transaction was jointly managed by Savills Australia with JLL on behalf of ISPT.

Located 900km from Townsville, Mt Isa Village features 19 specialty tenancies and comprises the city’s only enclosed mall. With a 19,650m2 site area and a GLA of 9,685m2, the Coles and Kmart anchored sub-regional mall is the largest shopping centre servicing the Mount Isa trade area.

Jacob Swan, Sam Hatcher and Nick Willis from JLL brokered the sale of Mount Isa Village alongside Peter Tyson, Steven Lerche and Jon Tyson of Savills.

Savills’ National Director, Peter Tyson explained: “Mt Isa Village was transacted following a competitive formal sale process that attracted bids from 11 separate buyer groups, including institutional investors, syndicators and private investors.

“The strong response on this regional asset reflects the market’s deep appetite for retail centres with strong fundamentals, which in the case of Mt Isa Village, included strongly trading majors, a WALE of more than eight years and 70% of income secured by Coles and Kmart,” he said.

“We’ve bought a good solid asset on a good solid yield,” said SCA Chief Executive Officer, Anthony Mellowes.

In February this year, Savills also brokered sale of the Woolworths anchored Cooloola Cove Shopping Centre in regional south east Queensland to SCA Property Group for $18.7 million on a yield of 5.85% in an off-market transaction.

SCA owns 92 shopping centres in Australia, with 28 in Queensland.

About the author

Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes shoppingcentrenews.com.au a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

Add Comment

Click here to post a comment

Advertisement

Advertisement