A 50 per cent stake in Brisbane's Westfield Carindale is to be offered for sale amid heightened interest in core retail investment opportunities.

Situated in an affluent quarter of Brisbane's south-eastern suburbs, the centre is the 12th largest shopping complex in Australia and is set to benefit from a new generation David Jones store which opened in November 2019, as well as the introduction of a Kmart discount department store. 

CBRE Pacific Head of Retail Capital Markets, Simon Rooney, and Colliers International’s Head of Retail Investment Services for Australia, Lachlan MacGillivray, have been appointed to sell the 50 per cent interest on behalf of the Lendlease-managed Australian Prime Property Fund Retail.

At a glance: 

• APPF Retail has announced it will sell a 50 per cent share in one of Australia’s leading super-regional shopping centres.
• Situated in an affluent quarter of Brisbane's south-eastern suburbs, the centre is the 12th largest shopping complex in Australia.
• CBRE’s Head of Retail Capital Markets – Pacific, Simon Rooney and Colliers International’s Head of Retail Investment Services – Australia, Lachlan MacGillivray have been appointed to sell the 50 per cent interest.

Owner of the remaining share, Carindale Property Trust, will retain management of the centre.

Mr Rooney said the sale campaign was expected to generate significant interest, given the scale of the offering and heightened demand for core retail assets.

“Investors are now seeing attractive relative value in the retail sector and are moving on high-quality retail plays given the unprecedented compression which has occurred in Australia’s prime CBD office and super-prime industrial markets,” Mr Rooney said.

“Demand for core retail assets is increasing, primarily from major offshore investors, who see that retail has been oversold.

"This is presenting highly strategic opportunities to acquire assets which provide accretive, sustainable returns and a diversified income and asset base.”

Westfield Carindale services a trade area population of approximately 679,460, which generates $9.7 billion in total retail expenditure. 

Providing a gross lettable area of 139,605sqm, the centre is ranked in Australia’s top 10 for total moving annual turnover, at $880.0 million.

The overall landholding of 16.45 hectares includes the adjoining and jointly owned Carindale Home and Leisure Centre and Millennium Centre.

Mr MacGillivray said the centre’s low site utilisation and the opportunity for intensified development, including residential, commercial, short-term accommodation and retail expansion, would help drive considerable buyer interest.

“The fundamentals of Australian retail remain attractive from a global perspective, with population growth among the strongest of the OECD countries, low supply per capita and a stable economy, with a recovery in wage growth to drive discretionary spending,” he said.

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