Hamilton’s Portside Wharf retail precinct is set to change hands in a $59.4 million deal, as North American investment giant Brookfield moves to divest the asset to Australian funds manager Centennial.
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This acquisition marks another significant step in Centennial’s ongoing expansion into the retail sector, reinforcing its commitment to high-quality commercial properties in key locations.
Portside Wharf boasts a mix of entertainment, retail, dining, and essential services. With 68 retail tenancies spanning 13,731 square metres and 398 car spaces, the complex has been a well-established hub for Brisbane residents. Current tenants include popular brands across fine dining, cinema, grocery, and health services, catering to a diverse customer base.
Centennial’s Plans for Growth and Development
Centennial’s strategic acquisition provides opportunities for further development within the precinct. Plans are being explored to enhance the asset’s value by introducing a health and wellness hub, optimising the use of the parking area, or even creating a new marina precinct. The complex currently enjoys an 83 percent occupancy rate, with a solid average lease expiry of 6.2 years. When fully tenanted, the site is expected to yield a return of 11.4 percent.
The transaction, brokered by James Douglas, Joe Tynan and Michael Hedger of CBRE, is part of Centennial’s broader push into the retail sector, following several acquisitions, including a recent $37.4 million purchase of a shopping centre in Orange, New South Wales. The company aims to expand its retail portfolio to over $1 billion, capitalising on what it sees as strong investment opportunities in the current market cycle.
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Brookfield’s Shift to Student Accommodation
Meanwhile, Brookfield has shifted its focus towards the student accommodation sector, halting its planned $400 million dual-tower residential project on two neighbouring development sites at Portside Wharf. Instead, the investment firm is channeling efforts into student housing projects in Brisbane and Melbourne, aligning with its long-term growth strategy.
The sale of Portside Wharf retail precinct reflects the continued strength of Brisbane’s retail property market and the increasing interest from investment firms in well-located, diversified commercial assets. If finalised, Centennial’s acquisition could position the precinct for further evolution, enhancing its appeal as one of the city’s premier waterfront destinations.
Published 31-March-2025
