Over the past three weeks CVS Lane has completed seven transactions across NSW and Victoria, totalling around $225 million of new capital invested – the culmination of months of hard work and collaboration between our clients and our team.
In what has been an undoubtedly challenging year for the property sector we’re pleased to continue to support our clients, helping them find the funding solutions that meet the needs of their projects.
Equally we’re pleased to identify quality, risk adjusted opportunities for our investors, maintaining a disciplined approach to capital allocation and working within current market conditions to deliver sound returns.
A major $22 million modern makeover has kicked off on the Great Western Super Centre in Keperra including store expansions and upgrades for the Aldi supermarket, BCF and Anytime Fitness.
Located 10km northwest of the Brisbane CBD, Great Western Super Centre offers 15,400sqm of floor space, anchored by Woolworths and Aldi, alongside six mini majors and 44 specialty stores. The Centre first opened in 2000.
The refurbishment works include a full repaint of the interior and exterior, new amenities including parents’ rooms, an overhaul of the air conditioning system, upgraded entry statements and signage and extensive landscaping works.
The refurbishment follows an $8 million revamp of anchor tenant Woolworths in 2021 and is due to continue until early 2023, marking a major improvement to the Centre’s overall amenity.
The Centre was purchased by CVS Lane in conjunction with our partner Consolidated Property Group in 2020. The refurbishment works are in keeping with the partnership strategy to upgrade and add value to retail shopping centre assets in our portfolio.
Click below to read press coverage in Brisbane’s Courier Mail newspaper.
This week, Australia’s first female Prime Minister and CVS Lane Board Member the Honourable Julia Gillard officially launched her third book – ‘Not Now, Not Ever’.
The book reflects on Julia’s 2012 “misogyny speech” in the House of Representatives – a moment that transcended politics and reverberated around the world – while also considering the current state of equal opportunity and respect for women 10 years on.
CVS Lane was pleased to partner with PWC Australia and Michael Cassell Event Management to sponsor special events in both Sydney and Melbourne in support of the launch of the book and to look back at the progress made in the ten years since Julia’s iconic speech but to also continue the fight for equality.
Construction has commenced on the second stage of a major $25 million redevelopment of Toowoomba’s Wilsonton Shopping Centre featuring 7-Eleven and Starbucks following the demolition of empty buildings onsite.
Wilsonton Shopping Centre is owned by a Trust, managed by CVS Lane, in conjunction with our partner Consolidated Properties Group.
Approval was granted in in July for operational works, paving the way for construction to start on the corner site at Bridge Street (Warrego Highway) and Richmond Drive.
The second stage adds 2163sq m of floorspace to the centre and includes anchors 7-Eleven service station and a drive-through Starbucks as well as a modern 24-hour car wash facility. The second stage is expected to progress quickly once in-ground and civil works are completed on site.
CVS Lane bought the centre in 2018 and immediately launched a $20 million upgrade, which included an outdoor dining precinct and improvements to the mall and centre façade.
The Shopping Centre, dual anchored by Coles and Woolworths supermarkets, is 91% occupied with a broad defensive tenancy mix. (At August 2022)
CVS Lane and Consolidated Properties Group (CPG) have commenced a formal sales and marketing campaign for five of the neighbourhood shopping centres in their South-East Queensland portfolio.
The centres, which are all anchored by either Coles or Woolworths supermarkets, and in some instances both, are located in high growth areas across South-East QLD, namely, Karalee, Palm Beach, Wilsonton, Springwood and Keperra.
The portfolio will be offered either in-one-line, or on a single asset basis, or any combination of assets. Each centre has recorded solid increases in valuation since acquisition, driven largely by substantial upgrade works undertaken by CVS Lane and CPG, with each offering further significant development potential.
A high proportion of daily needs, non-discretionary and essential service retail tenants across the portfolio has delivered consistently strong performances for each asset since acquisition, particularly during the recent pandemic.
JLL and CBRE have been appointed as joint sales agents for the campaign, which is set to commence on July 28, 2022.
Lee Centra, CVS Lane Chief Executive Officer said that the Partnership strategy had always been to hold these assets for the medium to long term to deliver a strong and growing source of income for our investors.
“With our original Trust approaching maturity and unprecedented high demand for this asset class, particularly in South-East Queensland, we have formed the view that there is now a good opportunity to test the market for a potential sale,” Mr Centra said.
“CVS Lane and CPG have received multiple unsolicited offers for the assets over the past 18 months, reflecting this unprecedented level of demand.
“The assets have gone from strength to strength in terms of their valuations and sales performances and proven very resilient in the face of major disruptions in recent years, such as the pandemic and severe weather events.”
Don O’Rorke, Chief Executive, Consolidated Properties Group said that the time was right to test the market.
“Our strategy has always based around finding assets that offered strong refurbishment and development potential to hold for the long-term. We have invested to that end accordingly,” Mr O’Rorke said.
“We’re proud of what we have achieved with each of these shopping centres in terms of improving their facilities and their retail offering and that shows in their performances.
“We have a strong pipeline of leasing enquiry which also speaks to the value of these assets.
“Our partnership with CVS Lane is always evolving and dynamic and we regularly look for new value-adding opportunities and we feel this is a good time take these assets to market.”
ENDS
Yet another milestone for Growland’s flagship Victoria Square project this month, with Stage One last week winning the award for best High Density Development (greater than 10 storeys) at the 2021 UDIA Victoria Awards.
CVS Lane Capital Partners, Andrew Vasarelli and Lambros Sioros are privileged to have been a part of this team since the beginning and we thank Growland for their ongoing partnership with us. Looking forward to celebrating many further milestones together.
