LaSalle goes shopping in Forest Lake with $11m acquisition

Brisbane, 18 September 2015 – The LaSalle Australia Core Plus Fund has expanded its retail holdings in Brisbane with a strategic $11 million acquisition in Forest Lake.

CBRE’s Nick Willis and Michael Hedger negotiated the sale of the two-level convenience retail and commercial centre on behalf of a local private investor.

The 200 Grand Avenue property accommodates a diverse mix of national and local retailers, including key tenants Ray White, Dominos Pizza, Sushi Go Round, Kumon and H&R Block.

“We received strong interest from private investors and local syndication groups, who are chasing retail centres that offer value-add opportunities via proactive management and tenant remixing,” Mr Hedger said.

Mr Willis added “The LaSalle Australia Core Plus Fund viewed this as a strategic opportunity to control the Forest Lake master planned retail precinct, given their ownership of the adjoining Forest Lake Shopping Centre.”

The sub-regional shopping centre has been a strong performer for LaSalle, which completed a $30 million refurbishment of the complex several years ago to include a new Coles supermarket and Target Discount Department Store.

The property occupies a key corner location within Forest Lake – Brisbane’s first master planned community. Located 19km west of the Brisbane CBD, the complex has a lettable area of 2,177sqm and comprises a total of 25 tenants.