A shopping centre, office building and fully leased commercial building are among the assets for sale from Canute Investments Limited as part of a new divestment strategy.

 

Richard Cash and Anthony Del Borrello of CBRE’s Western Australian Retail Investments team and Ben Younger and Derek Barlow of the agency’s Metropolitan Investments team have been appointed to market Canute’s WA assets.

 

The 5,294 square metre Carramar shopping centre features a fully leased net income of $2,050,000 and is positioned on a large 2.08ha site in an area with 2.7 per cent population growth per annum.

 

It also offers at-grade parking for 300 vehicles and additional land for development.

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Canute assets for sale:

• Carramar Village, WA – Shopping Centre
• Residential Portfolio, WA – Residential
• 13-15 Rheola Street, West Perth WA – Office
• 40 & 42 Coolamon Boulevard, Ellenbrook – Office
• Logan Village shopping centre, QLD – Shopping Centre
• Ormeau Village, QLD – Shopping Centre

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The residential portfolio consists of 84 residential properties, featuring a fully leased gross income of $1,536,000 – all available in one-line and alongside an aligned property management business. 

 

The opportunity presents a collection of well built and maintained homes, affording a significant income stream with genuine future rental and capital growth potential.

 

Canute’s 2,591 square metre office building at 13-15 Rheola Street in West Perth offers medium-term redevelopment opportunity, a 3 Star NABERS Energy Rating and a fully leased net income of $975,400 per annum.  

 

Mr Cash said that with the WA economy rebounding quicker than anticipated, now is the ideal time to buy into the market and the team expects the increasing investment interest in the state to continue.

 

“These market conditions, combined with the compelling investment fundamentals of these properties, are expected to ignite interest from local WA investors, national groups and offshore parties,” he said.

 

 

In Queensland, Canute has appointed CBRE’s Queensland Retail Investments team of Joe Tynan and Michael Hedger to sell two shopping centres in Logan Village and Ormeau, which are anchored by Woolworths on separate 20-year leases, both with eight five-year options. 

 

Logan Village shopping centre has a fully leased net income of $926,000 per annum, while Ormeau Village has a fully leased net income of $1,715,000 per annum. 

 

Mr Hedger said the assets would be strongly contested given the income profile of both investments is underpinned by Woolworths, which represents over 87 per cent of the GFA in both instances, while also offering income security via WALE’s of over 12-years, each.

 

“Both investment opportunities are located in two of Brisbane’s highest-growth residential corridors, which are expected to see double digit growth within their respective main trade areas while also allowing opportunity for development and expansion,” he said.

 

Canute has cited retirement as the reason for the divestment strategy.

 

All properties are being offered for sale individually via an International Expressions of Interest campaign closing Thursday, September 5.