CENTURIA CAPITAL GROUP ACQUIRES WEST VILLAGE RETAIL PRECINCT

West Village’s award-winning retail precinct has been sold by Sekisui House Australia in an off-market transaction to leading real estate funds manager Centuria Capital Group (Centuria) for $202 million.

The three-phased transaction encompasses the retail mall anchored by Woolworths and Harris Farm Markets; The Eaves which comprises health and medical, cafes and restaurants; the ‘South Pavilion’, a retail and hospitality property which is under construction and scheduled for completion in late 2022; and the mixed-use Peter’s Ice Cream Factory and Factory 2 heritage buildings. 

Settlements will take place between early 2022 and early 2023.

Group CEO and Managing Director of Sekisui House Australia, Hide Seguchi, said the group is delighted to be partnering with Centuria and their sovereign wealth fund partner to continue the West Village story.

“West Village is an award-winning, flagship development for Sekisui House Australia underpinned by our core philosophy and ‘satoyama’ design principles, which places enormous importance on generous green spaces around each development,” Mr Seguchi said.

“We are extremely proud of the success of this thriving master-planned community which combines residential, retail and commercial uses in a vibrant, environmentally conscious urban village.

“Centuria has a proven track-record of managing premium quality retail precincts with strong community outcomes, making it an ideal partner for West Village.

“Sekisui House will continue to manage the retail and hospitality precincts over the course of the next 12 months and retains development rights over the remainder of the West Village master plan. This will ensure that the unique and vibrant culture of the precinct focusing on community, environment and heritage continues and is strengthened.

Centuria Group Joint CEO, Jason Huljich, said the group was pleased to secure the rare off-market opportunity.

“West Village provides an opportunity to capitalise on modern, well-located retail that caters to the non-discretionary and convenience markets,” Mr Huljich said.

“The retail facilities within this landmark masterplanned community will cater to approximately 1,250 adjoining households in addition to the surrounding West End and South Brisbane residential community.”

West Village Project Director, Harrison Phillips, said the transition of the retail management will be a smooth one, ensuring the unique culture and vibrancy of West Village’s layered dining, retail, lifestyle and wellness offering is preserved.

“We are also excited to be advancing a number of landmark projects in West Village in 2022, with construction progressing on our new luxury and wellness residences ALTURA and the precinct’s first commercial building, Greenhouse,” Mr Phillips said.

“The seven-storey, A-grade office building is located at the heart of the village and draws its inspiration from The Ritz Carlton in Kyoto, delivering 7,000sqm of commercial office space and a rooftop garden.

“Sekisui House Australia will be relocating its Queensland head office to Greenhouse when construction is completed later this year.”

West Village is a 2.6-hectare living heritage village located just 800m from the Brisbane CBD. When completed in 2024, the 6 Star Green Star precinct will include up to 1,000 residences, the 14,000sqm retail precinct and up to 20,000sqm of commercial space, alongside open parklands and heritage laneways.

Built in 1928, the heritage listed Ice Cream Factory and Factory 2 are the centerpiece of the rejuvenated site and are dedicated to character commercial office spaces.