Consolidated Properties Group and CVS Lane Capital Partners acquire Wilsonton Shopping Centre
Consolidated Properties Group/CVS Lane Capital Partners have added another asset to their growing retail property partnership with the acquisition of the Wilsonton Shopping Centre located in Toowoomba, QLD.
Wilsonton Shopping Centre is an 18,500sqm retail centre anchored by both Coles and Woolworths Supermarkets, and 45 speciality stores. The centre will undergo a major refurbishment and re-leasing program with the proposed works expected to commence immediately.
Consolidated Properties Group Executive Chairman, Don O’Rorke, said “this caps-off a busy period for the retail partnership and affirms our mandate to grow our portfolio to 10 retail centres along the eastern seaboard”.
Lee Centra, Managing Director of CVS Lane Capital Partners said “we were attracted to the strong fundamentals of the Wilsonton Shopping Centre with both Woolworths and Coles demonstrating a solid trading history. Our capital works and leasing program at the centre will create a market-leading retail environment focused on convenience and non-discretionary tenants.”
In addition to the Wilsonton purchase, the retail partnership has recently commenced construction of new full-line Coles Supermarkets at both the Karalee Shopping Village and Pavilions Palm Beach. Also in the pipeline is a major retail and lifestyle centre to be developed within the Yeerongpilly Green master planned community – another joint venture between Consolidated Properties and CVS Lane.
The first asset developed by the partners was the successful Casuarina Village, a Coles anchored neighbourhood shopping centre. As it currently stands, assets developed within the retail partnership have a completed value approaching $400 million, and the mandate is to grow the portfolio to $600 million and beyond over the next 2-3 years.
Mr O’Rorke, said “over the past almost-40 years, Consolidated Properties Group has developed over 40 retail centres. This experience in identifying opportunities and delivering upon a tested strategy is producing pleasing results for the company and our partners”.
Mr Centra, said “Our strategy of focusing our investment in the non-discretionary retail sector characterised by grocery, dining, medical and services is yielding strong results for the partnership with all assets in the portfolio trading above expectations.”