CVS Lane Capital Partners and Consolidated Properties Group, have confirmed the sale of Casuarina Village Shopping Centre following a highly successful sale process conducted by JLL.
Casuarina Village is an open air, single level Neighbourhood Shopping Centre located on the NSW Tweed Coast which is anchored by a full line Coles Supermarket and 14 high quality specialty retailers.
Consolidated Properties first created the award winning 176-hectare Casuarina Master-planned community in 2003 and the community now boasts a population exceeding 3,000 residents.
In 2014, CVS Lane Capital Partners acquired the Casuarina Village land in partnership with Consolidated Properties to develop the new centre.
The centre has been purchased by Sydney based investor, Whistle Funds Management for $27,400,000 which represents a yield of 5.90%. The transaction settled this week.
Consolidated Properties Group Executive Chairman, Don O’Rorke, said “We are delighted to be able to announce the completion of yet another successful chapter in the Casuarina story. It is particularly pleasing to have achieved this strong result in a joint collaboration with our investment partner, CVS Lane.”
Mr. Lee Centra, the Managing Director of CVS Lane Capital Partners stated “Following the receipt of a number of unsolicited offers, the investment partners saw an opportunity based on the current strength in the retail investment market to offer Casuarina Village via a formal process with JLL. The decision has been vindicated by the strong result achieved.”
In addition, CVS Lane has invested alongside Consolidated Properties in the acquisition and the proposed redevelopment of Karalee Shopping Village. Construction is due to commence in February 2018.
JLL Directors, Sam Hatcher and Jacob Swan said “Off the back of the outstanding results recently achieved at MarketPlace Warner, Peregian Springs and the soon to be announced sale of Benowa Village, the on-market sale campaign for Casuarina Village generated significant domestic and offshore interest from private, syndication and institutional investors.”
“The sale highlights a very prevalent market trend at present – high quality, well leased centres are experiencing levels of demand we haven’t historically experienced. The ‘flight to quality’ phenomenon has never been more evident.”
Consolidated Properties Group is a privately owned development company, specialising in retail, commercial and residential projects, spanning Australia’s eastern seaboard, with a current development pipeline totalling over $2.1 billion.
CVS Lane Capital Partners is a specialist property finance and investment business established in 2011. Since inception they have raised over $600 million across 72 transactions with an end value of over $4.0 billion.