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.
