Lendlease retail fund sells Cairns Central

  • 14 Dec 2023
The Lendlease managed Australian Prime Property Fund Retail (APPF Retail) has exchanged contracts with Fawkner Property for the sale of Cairns Central in Far North Queensland for circa $390 million.

Cairns Central is the only Regional shopping centre in the Far North Queensland region and benefits from the large tourist population visiting the area. With a GLA of 51,972 sqm, the centre boasts a diverse retail mix with over 186 quality tenants.

APPF Retail attracted a high level of interest from prospective buyers for Cairns Central, which was sought after due to its location in one of Australia’s largest regional cities with strong growth forecasts, and a high-quality retail mix which has seen the centre become a desired lifestyle, entertainment and fashion destination for residents and tourists. 

Settlement is expected to occur in late February 2024.

Lachlan MacGillivray of Colliers International and Sam McVay of McVay Real Estate managed the sale.

Quotes attributable to Anne MacSporran, Fund Manager APPF Retail, Lendlease

“The sale of Cairns Central is a strong result for APPF Retail investors, particularly in light of market conditions experienced throughout 2023. With the strategic divestment of this asset, APPF Retail will be able to close out the remaining redemption requests in the Fund, providing liquidity to those investors who requested it.

“The outlook for Australian retail is positive. With sales having rebounded strongly post pandemic, and now stabilising to more normalised levels, the sector is supported by robust retail fundamentals, with growing demand and limited supply of retail space being one of the driving forces for future growth. 

“APPF Retail is in a strong position to execute its Prime Urban Growth Centre strategy, which focuses on owning and developing multi-purpose assets that dominate their trade areas and drive high-value visitation across a broad mix of shoppers and other customers.”


For more information: 
Tamara Lovelace
External Affairs Manager QLD / NT
M +61 427 226 316