Clifford Gardens Fund

Overview

The fund acquired Clifford Gardens Shopping Centre in Toowoomba, QLD for $145.0 million — a highly attractive yield of 7.9% p.a. and well below its $171.2 million replacement cost. The centre features dual supermarket and discount department store anchors and benefits from regional infrastructure investments supporting long-term growth.

Clifford Gardens is well positioned to benefit from the substantial infrastructure investment that has recently been completed and that is planned in the Toowoomba region. This infrastructure investment underpins the long-term growth of Toowoomba and the Darling Downs economy.

Given the growth prospects for the region, the key value-add strategies for the asset include:

Acquire and hold the Property to provide investors with a quality, high yielding investment
Actively manage the Property via repositioning, leasing and marketing to optimise its income and value
Establishment of a health, medical and essential services precinct, as well as remixing the Centre’s tenant profile
Unlocking the underlying real estate value of the extensive 9 hectare site

Sector

Retail

Status

Fully Invested

Investment thesis

The fund pursues multiple value-add approaches including acquiring and holding for quality yield, active property management through repositioning and leasing optimisation, establishing a health and medical services precinct, and unlocking real estate value from the 9-hectare site.