The property company owned by BRW Rich Lister and Super Cheap Auto founder Reg Rowe, has bought Abacus Property Group’s Aspley Village Shopping Centre in Brisbane for $32.25 million. Mr Rowe, whose wealth was estimated at $830 million, established Excel Development Group in 2007. It has built a reputation for acquiring A-grade development sites and owns properties across residential, commercial, industrial and retail property sectors.
Abacus bought the 11,337 square metre Aspley Village for $15.75 million in 2005 and invested in a major redevelopment in 2008. The recent sale to Excel was scheduled to settle in June. Savill’s Peter and Jon Tyson negotiated the deal between Abacus and Excel Development Group.The Aspley Village Shopping Centre in Brisbane has sold for $32.25 million.
Abacus and Excel declined to comment on the deal given confidentiality agreements. Aspley Village was anchored by a full-line, 3185-square-metre Coles supermarket, and six Mini Majors. The complex at 605 Robinson Road West, included two freestanding Childcare Centres and 430 car parks.
The purchase would be Excel’s first pure shopping centre acquisition although it already owned 38 bulky goods centres along the east coast.
Mr Rowe, who has more than 30 years’ experience in the property and retail industry, was also unit holder in the Bluewater Syndicate which sold the Bluewater Shopping Centre in Redcliffe, Brisbane, for $40 million in 2013.
He also owned the freehold of many Super Cheap Auto outlets, its head office and main warehouse. The Aspley Village deal was one of several neighbourhood shopping centre deals in Queensland this year. Savills head of research in Queensland, Paul Day, expected sales volumes for retail centres, especially neighbourhood centres, to increase on record sales last year.
“Queensland is outperforming the other states in terms of per capita retail spend. With that in mind, retail is looking good. It will be a strong year.” He also expected further tightening in yields.