Centuria has made a significant investment in the Brisbane market by acquiring the Logan SuperCentre for $115 million. The property, formerly known as HomeCo Logan, sits adjacent to Australia’s largest IKEA and offers a prime location in Slacks Creek, just south of Brisbane’s CBD.

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The purchase reflects a yield of approximately 6.7%, and Centuria intends to operate the asset within a single-asset fund for the next five years. This acquisition follows Centuria’s recent purchases of Manning Mall in Taree, NSW, and Halls Head Central in Western Australia, both acquired for single-asset funds.

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Logan SuperCentre, established in 2007 on 2.7 hectares of land, boasts a diverse tenant mix, including prominent national retailers like Anaconda, Early Settler, Fantastic Furniture, and Freedom. The property spans 27,117 square meters over two floors, with ample parking space for over 600 vehicles.

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While the property is nearly fully leased with a minimal vacancy rate of 0.1%, the weighted average lease expiry is relatively short at 3.4 years. Centuria plans to expand the retail area by approximately 3000 square meters, enhancing the property’s value and appeal to tenants.

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The Logan SuperCentre transaction, facilitated by HMC Capital, represents one of the most significant investments in Large Format Retail (LFR) assets since 2022. According to CBRE’s Simon Rooney, the sale underscores the ongoing demand for well-located LFR assets offering stable rental income and strategic land holdings.

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The Logan SuperCentre’s strategic location along the Pacific Highway, coupled with mixed-use zoning that allows for value-add opportunities, contributed to its appeal to investors. The trade area surrounding the precinct, currently serving 1.1 million people, is projected to grow by 1.6% annually until 2041.

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The LFR sector in Queensland has seen substantial growth, with total spending reaching $549.1 million in 2022. Industry experts anticipate further growth, projecting LFR spending to increase by 5.9% annually, surpassing $1.6 billion per year within the coming years.

This acquisition not only solidifies Centuria’s presence in the retail market but also highlights the strong investor interest in well-positioned assets offering stable returns and growth potential. The Logan SuperCentre deal exemplifies the robust activity in the commercial property sector, particularly in the retail segment, amidst evolving consumer preferences and market dynamics.

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