Stockland Cairns Shopping Centre Sells For $146M
Major deal for FNQ retail
A major shopping centre in Cairns has sold for $146 million, with Fawkner Property group purchasing the Stockland shopping centre.
The deal was confirmed in June this year, and is expected to be settled early in 2022.
Located on the Bruce Highway, the shopping centre plays host to Coles, Woolworths, Rebel Sport, JB Hi-Fi and more.
Stockland is the largest residential developer in Australia, and has recently changed its market investment to add apartment buildings over the next five years in lieu of retail property assets.
Fawkner Property’s General Manager of Funds Management Stuart Fox said the deal was a great result for both parties.
“In a market that has moved a lot in recent months, we are delighted to acquire such a prominent and high performing centre that is heavily weighted towards Essential Services tenants,” he said.
“CBA have been a great partner in financing the transaction.”
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