Alceon and Brisbane-based developer Capital Transactions are selling their sub-regional shopping centre development at Redbank Plains, south of the city, with expectations it will bring more than $145 million.
Alceon and Capital Transactions snapped up the the Redbank Plains Shopping Village and adjoining land from Queensland coal entrepreneur Paul Darrouzet in 2013. They have since gained development approval for 27,000 square metres of lettable area and locked in major tenants Woolworths, Coles, Aldi and Target.
JLL's Simon Rooney and Sam Hatcher have been appointed to sell the asset.
"Brand-new, sub-regional investment opportunities in major population growth corridors with additional development potential, are seldom offered," Mr Rooney said. "We expect strong demand from the major institutional retail owners, both domestic and abroad, being the only new sub-regional development above $100 million to be formally offered for sale in 2015."
The centre will serve a trade area estimated at more than 50,600 residents. A robust forecast growth puts the population at nearly 65,200 people in the next decade.
Mr Hatcher said the development play was an exceptional opportunity to acquire a sub regional shopping centre where Woolworths, Coles, Aldi and Target represented 57 per cent of the pre-committed floor space.
"Upon completion, the development will become the largest shopping centre in the primary trade area," Mr Hatcher said.
"The town square will be a vibrant community destination offering not only a large variety of retail and dining options, but will become the commercial hub for the area."
