Lendlease sells Caneland Central in Mackay for $280 million

Lendlease’s Australian Prime Property Fund Retail is set to sell its Caneland Central mall in Mackay, Queensland to Sentinel Property Group for approximately $280 million.

Caneland Central, the region’s largest shopping centre at 65,964sqm, is anchored by Myer, Coles, Woolworths, Target, and Big W, and home to a variety of mini-majors and businesses.

Caneland Central has been owned and operated by APPF Retail since 2001. The company said that as Mackay’s top shopping and lifestyle destination, it drew a lot of interest from potential investors.  

“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,” said Anne MacSporran, fund manager at APPF Retail. 

The sale was handled by JLL’s Nick Willis and Sam Hatcher.

Last month, Dexus sold Homemaker Prospect for $78.9 million. Willis and Hatcher were also responsible for the transaction.