MaxCap Group and Troon Group have sold their recently-completed retail development in northeastern Australia to non-industry super fund AM Property Plus for more than A$50m (€31.4m).

The Chirnside Lifestyle Centre in Brisbane was acquired for AM Property, part of a direct property portfolio managed by MLC Asset Management, the investment division of Insignia Financial.

The fully-leased 11,100sqm retail asset project was sold at a 5.25% capitalisation rate.

Mark D’Arcy-Bean, asset manager with MLC Asset Management, said Chirnside Lifestyle Centre was strategically acquired as a core addition to the business’s LFR (large format retail) portfolio.

“Being a brand-new construction with annualised growth, the centre will become a welcome addition to our LFR portfolio, given its strategic location within a rapidly-growing area with opportunities for future development,” he said.

Simon Hulett, head of direct investment at MaxCap Group, said: “The development represents a highly- defensive retail investment backed by long leases to national tenants with strong covenants.”

Tom McInerney, managing director of Troon Group, said: “Through our existing relationships with the major retailers, we were able to quickly secure a mix of tenants that complement the precinct and de-risked the project with MaxCap.”

Colliers brokered the deal with Stonebridge Property Groups.

Tim McIntosh, director of Colliers, said: “The limited supply of high-quality metropolitan shopping centres has seen a growing theme of increased interstate and offshore purchaser activity.

“The successful sale represents our second LFR transaction with the AM Property Plus trust and its first retail investment in Victoria.

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