Image 1: Caneland Central has been purchased for $280 million
Image 2: Sentinel CEO Warren Ebert said Caneland completely dominates its market
Caneland Central has been acquired by Sentinel Property Group after almost a year on the market.
The shopping centre had been owned and managed by Lendlease’s APPF Retail fund since 2001, with Sentinel bolstering its $1 billion plus commercial real estate portfolio in Northern Australia with the $280 million purchase.
Sentinel CEO Warren Ebert said Caneland Central is the premier shopping and lifestyle destination in the Mackay region.
“Caneland Central completely dominates its market,” he said.
“Every man, woman and child in Mackay comes to Caneland four times a month.
“You could never duplicate this centre and you also cannot find another 14ha site like this in the city, let alone even close to the city.”
With 202 tenants and a gross floor area of 65,964 sqm, Caneland Central is the largest of its type in the region, servicing a catchment of more than 175,000 people.
The retail hub first opened in 1979 and has since undergone significant redevelopments including a $230 million expansion in 2011 which introduced a new food court and dining precinct, as well as the Myer department store.
Sentinel plans to carry out immediate improvements to the centre including a renewable energy upgrade through the installation of a roof mounted solar system, which the Group has also provided at its DFO retail complex in Cairns.
A new moving walkway is also being installed in the centre.
Mr Ebert said major national and international tenants had already inquired about leasing space at Caneland Central.
“Caneland Central dominates the Mackay CBD and is the central focal point for retail spending and leisure for the wider region which spans 386 km north to Townsville and 336 km south to Rockhampton,” Mr Ebert said.
“The trade area population of the centre is around 154,110 persons which is projected to grow to around 183,410 persons by 2036.
“Bernard Salt, one of Australia's leading social commentators, recently forecast Mackay to be in the Top 20 sized cities in Australia by 2054.”
APPF Retail Fund Manager Anne MacSporran said “The centre has been a strong performer for APPF Retail due to its mix of retail, lifestyle and dining and core position at the heart of Mackay’s local community.
“Despite recent market volatility, the outlook for Australian retail remains positive, with sales remaining robust post the pandemic.”
The purchase of Caneland Central isn’t Sentinel’s first foray into the Mackay Market, with the Property Group’s portfolio also including Northpoint Homemaker Centre, Kings 4WD Supa Centre and Birch Carroll & Coyle cinema complex.
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