The Courier Mail | Prime Site | 9 December 2022
Written by Chris Herde
A BRISBANE-BASED syndicator has offloaded a purpose-built Big W retail building in Far North Queensland.
A private investor paid $11.8m for the property at 8-20 Mabel St, Atherton, from Quanta Investment Funds.
The 4482sq m building was purpose-built for Big W and has been occupied by the retailer since opening in 2006.
The deal was brokered by CBRE’s Joe Tynan, Josh Scapolan and Danny Betros, achieving a yield of 7.75 per cent.
Mr Scapolan said the four-week expressions-of-interest campaign generated more than 70 inquiries and seven formal offers from high-net-worth private investors, syndicates, and institutional funds.
“The sale demonstrates there is continued buyer depth for regionally located, freestanding assets underpinned by strong covenants which provide income security and management benefits,” he said.
According to CoreLogic, the property last changed hands in 2015 for $10.35m when it was bought by Quanta Holding Co Pty Ltd.
Quanta has also bought its third property in four months, paying $13.5m for the fully occupied Everyday Retail Centre on St John St in the heart of Launceston’s CBD in Tasmania.
The centre is leased to national ASX-listed companies including BCF, Super Cheap Auto, Beacon Lighting, as well as one of Europe’s largest banks, Rabobank.
Quanta chief executive Stacey Jones said the deal took Quanta’s assets under management to more than $750m.
“Securing this property hot on the heels of Ann St and Yamanto in Queensland has been an incredible way to wrap up 2022,” Jones said.