Image: Supplied.
  • Located on site previously home to Peters Ice Cream and Cone factories
  • 2.6 hectare site bound by Mollison Street, Boundary Street and Wilson Street in West End, Brisbane
  • JLL introduced the transaction to Centuria

Centuria Capital Group announced this morning the company acquired the Daily Needs Retail precinct within the Sekisui House development in West Village, Brisbane.

The circa $202 million precinct sits within Sekisui House’s $1.1 billion masterplanned mixed-use development and is located just one kilometre from the heart of the CBD.

Providing Centuria with a 10.1 year WALE and 100% occupancy, Centuria’s Bruce McCully said this particular retail acquisition was a safe bet:

“Approximately, 89% of the portfolio’s income is underpinned by daily-needs and non-discretionary tenants providing a resilient and defensive income profile. The acquisition includes two anchor supermarkets, which are complemented by cafes, restaurants, bars, parklands and wellness facilities.

Bruce McCully, Centuria Head of Retail

“This was a rare, off-market opportunity to secure modern, high-quality retail real estate within such a landmark masterplanned community, that will cater to approximately 1,250 households within the West Village development in addition to the surrounding West End and South Brisbane residential community,” added Mr McCully.

The three-phased transaction includes existing landmark properties as well as assets to be constructed. Settlement of the various phases is expected between early 2022 and early 2023.

The first phase of the transaction includes a Woolworths and BWS anchored retail mall, Harris Farms, 19 specialty tenants, and two kiosks all across 9,456 square metres.

This phase also incorporates ‘The Eaves,’ a three-level property with retail, cafés, restaurants and wellbeing spa called The Soakhouse as well as the former Peter’s Ice Cream factory, providing specialty retail, office accommodation and parking

Phase Two incorporates the retail and hospitality property ‘South Pavilion,’ which is anticipated to be completed in late 2022. Phase Three includes the refurbished former Peter’s cone factory, also providing retail and hospitality outlets.

The site is also home to a piece of Australiana, the development is located on a historic site that was once home to the Peters Ice Cream and Cone factories.

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