Natgen acquires $10.1M Goodna shopping centre
BRISBANE, November 15, 2021: Brisbane-based property fund manager Natgen has acquired Rededge Shopping Centre in Goodna, Queensland for $10.1 million for its latest unlisted property trust fund, Natgen Investment Trust GD21.
Launched in August 2021, the Natgen Investment Trust GD21 closed fully subscribed in September, offering commercial property investors an attractive targeted distribution of 8.2 per cent per annum over a five-year term.
Located at 123 Queen St, the shopping centre spans 5,702 square metres and is anchored by an IGA convenience centre, with medical service providers, bakery and other retail businesses in fast-growing Goodna, an established dormitory area for the Brisbane/Ipswich corridor.
The centre features a long lease expiry profile of over 7.1 years (area) with all tenants secured on attractive net lease structures. The complex occupies a prominent position within the town, with easy access and exposure to a major thoroughfare, Queen St, which carries more than 20,000 vehicles each day.
Goodna has been identified as one of eight major activity centres for the South East Queensland Transport Network Strategy, with population forecasts identifying its location within the Brisbane/Ipswich corridor as a high growth zone.
Natgen Managing Director & Responsible Manager, Steven Goakes said the shopping centre was an attractive investment opportunity for the fund’s investors.
“Rededge Shopping Centre is located in a high-profile corner of Goodna and boasts a strong mix of convenience retail, medical and food service tenants that make it an indispensable part of residents’ livelihoods,” Mr Goakes said.
“The centre is well placed to benefit from the Ipswich region’s projected population growth, from 229,000 in 2020 to 557,000 residents by 2041, and with consistent economic growth averaging 3.4 per cent a year over the past decade.
“We are delighted to have secured this opportunity for our investors, with the complex acquisition in line with the current Natgen acquisition theme of seeking properties with tenants in low elasticity demand retailing, such as consumer staples, medical and convenience stores.”
With future infrastructure provision including the Springfield/Brookwater/Redbank Plains Transport strategy and the University of Southern Queensland Ipswich/Springfield Growth strategy, the area is set for additional growth with the shopping centre expected to benefit.
The Goodna acquisition adds to Natgen’s other previous acquisitions, including Kingsthorpe Central at Kingsthorpe, Qld which was purchased for $6 million in April 2021 for the Natgen Investment Trust KT21.
With experience in managing investment assets exceeding $1 billion, Natgen has a track record of investment success, with experience executing a broad range of investment and development projects across a range of sectors, including commercial, retail, industrial and residential property.
Based in Brisbane, Qld, Natgen (National & General Group) is an active fund manager and corporate strategy group employing established principles and processes to maximise value for investor clients and strategy clients. Natgen provides tailored solutions for clients, including Australian financial services institutions, high net worth individuals, family offices, sophisticated and professional investors and private clients.
Founder Steven Goakes boasts a 30-year career focused on commercial real estate, funds management, compliance, corporate governance and law. He has managed investment assets in excess of $1 billion, overseen the purchase of $1 billion in commercial properties and participated in joint venture developments totalling more than $400 million in gross realisation.
National & General Administration Pty Ltd, a member company of the Natgen group, holds Australian Financial Services Licence No. 522835 and is authorised to advise on and operate wholesale managed investment schemes and provide custodian services.
For 2022 Natgen opportunities, please visit: https://natgen.com.au/investment-opportunity/