The Great Western Super Centre in the Brisbane suburb of Keperra has been sold to Consolidated Properties Group and CVS Lane Capital Partners for 

The purchase has pumped the pair's retail portfolio up to $485 million, including seven shopping hubs complete, under renovation or in the pipeline throughout South East Queensland. 

Consolidated Properties Group CEO and Chairman, Don O’Rorke, said the centre would undergo an aesthetic upgrade, with the aim of attracting new tenants to improve the already robust retail offering.

"Great Western fits our strategy of acquiring established neighbourhood centres in high growth corridors – there are more than 1,500 new homes planned in the surrounding area, and this level of population growth warrants an improvement to major retail infrastructure," he said.

The centre is anchored by a Woolworths. Source: JLL 

Great Western Super Centre is located 10km north west of the Brisbane CBD and boasts 15,400 square metres of floor space anchored by Woolworths and Aldi, alongside six mini-majors and 44 specialty stores.

The centre was purchased from a major institution who have owned the asset since 2013. 

CVS Lane Capital Partners CEO Lee Centra says the Retail Partnership is looking forward to delivering on the refurbishment and leasing plans across their portfolio, with the possibility of further acquisitions and expansion on the cards. 

"Last year was a very fruitful year for us, but it is really just the beginning," he said. 

Source: JLL

"In 2020 we expect to be commencing work on a 17,000sqm retail and commercial hub at our $850 million Yeerongpilly Green community," he said.

"We will also be putting the finishing touches on our upgraded retail centres at Palm Beach on the Gold Coast and Wilsonton in Toowoomba while continuing work at our Centre at Karalee in Ipswich.” 

The sale of the Great Western Centre was negotiated by JLL’s Jacob Swan and Sam Hatcher. 

Mr Swan said the sale was part of an ongoing demand for non-discretionary anchored retail, particularly in metropolitan locations.

"Furthermore, properties with strong underlying land value and long term future development potential are highly sought by investors," he said.

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