Clarence Property in the zone with $31.25m acquisition

Clarence Property in the zone with $31.25m acquisition

The Zone Shopping Centre at Underwood has changed hands for $31.25 million, marking the fourth South East Queensland-based acquisition for Clarence Property's Westlawn Property Trust (WPT) over the past six months.

In the last half year, WPT has purchased other commercial and retail assets in Hamilton, Spring Hill and Northgate for a total of $34.74 million.

The Zone Shopping Centre marks its biggest buy during the period and Clarence Property managing director Peter Fahey says the asset is a solid fit for the portfolio.

"Our target asset allocation for WPT is about 30 to 45 per cent retail, with a focus on high yield neighbourhood shopping centres in growth regions," he said.

"We started in Grafton more than 24 years ago, and while we still have a strong presence in northern New South Wales, we are making a push into South East Queensland, with about 55 per cent of the Trust's portfolio now located across the region.

"Underwood was particularly attractive as it is positioned at the corner of a high traffic intersection, next to Queensland's largest new Bunnings store, which is due for completion in September."

WPT owns more than $250 million in assets between Yamba and the Sunshine Coast, including The Rocket and Easy T Centre at Robina, Yamba Fair and Byron Fair in Byron Bay.

The unlisted WPT is currently open for investment with a forecast 8.6 per cent distribution including franking credits for FY18.

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