Centennial has expanded its retail portfolio with the $52 million purchase of the HomeCo large-format retail centre in North Lakes, Brisbane.
The acquisition of the 100 per cent stake was executed at a market yield above 6 per cent, brokered by JLL’s Sam Hatcher and Nick Willis on behalf of HomeCo.
Bringing its total retail portfolio value to approximately $274 million across four major assets in Queensland and NSW, the acquisition represents Centennial’s first entry into the large format retail sector.
Centennial’s investment strategy targets the development of North Lakes as an independent shopping hub, supported by regional population growth forecasts of 1.9 per cent, which exceeds the national average of 1.4 per cent.
The large-format retail asset features 11,834sqm of gross lettable area and 411 parking spaces, situated on a 4-hectare site.
Located at 77-95 North Lakes Drive, the property maintains high visibility from the Bruce Highway and surrounding arterial roads.
Anchored by major tenants like Chemist Warehouse and Nick Scali, this asset fits Centennial’s criteria for long-lease, national-tenant investments in restricted land markets.
“To be able to secure such a high-quality asset with very high underlying land value is a rare opportunity,” said Paul Ford, Centennial’s CEO.
“But to also secure a major retail centre with low site coverage at just 34 per cent in one of the nation’s highest growth corridors is a bonus, and a great asset to add to our growing retail portfolio, which is nearing $500 million,” he said.
The purchase continues Centennial’s retail expansion, following the 2025 acquisition of Portside Wharf and a joint venture with Parkstone Funds Management. That partnership resulted in the acquisition of regional centres in Bundaberg, Queensland, and Orange, NSW.
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