Singapore based Rockworth Capital Partners has purchased a recently completed Town Square Redbank Plains subregional shopping centre.
Singapore based Rockworth Capital Partners has purchased a recently completed Town Square Redbank Plains subregional shopping centre at 357-381 Redbank Plains Road in Redbank Plains for $160 million at a yield of 6.25 per cent. The deal was negotiated by Simon Rooney and Sam Hatcher from JLL. The vendor, Alceon Captrans JV, a joint venture between financier Alceon and Brisbane developer Capital Transactions, purchased the centre for $27 million in 2013 from Queensland coal entrepreneur Paul Darrouzet.
The centre is on a 6.56 hectare site and originally comprised a 5,900 sqm neighbourhood shopping centre anchored by Woolworths, but has since been redeveloped by Alceon Captrans JV. The centre was expanded to comprise 26,945 sqm gross lettable area and at grade and basement car parking for 1,200 cars. The centre is anchored by Woolworths, Coles and Aldi supermarkets, a Target DDS and includes two drive-through tenancies, a large format tenant precinct and numerous speciality tenancies.
The purchasers, Rockworth Capital Partners, is a Real Estate Investment Management Firm founded in 2011 and specialises in managing retail and office assets for institutions and private investors through direct investments in real estate. Rockworth currently has over $700 million of assets under management, mostly comprising stable income producing properties located across Australia.