Exceed Capital Acquires Allenstown Square Rockhampton in Major Retail Investment Play
May 7, 2025
Exceed Capital Acquires Allenstown Square Rockhampton in Major Retail Investment Play
Strategic Expansion into Queensland’s Regional Retail Market
Exceed Capital has made another significant move in the retail property sector with the acquisition of Allenstown Square, a dominant neighbourhood shopping centre located in Rockhampton, Queensland. The asset was acquired from Charter Hall Retail Trust for approximately $58.5 million, marking a pivotal step in Exceed's strategy to target income-producing, convenience-based retail centres in high-growth regions.
The acquisition was brokered by JLL’s Jacob Swan, with the centre previously held on a book value of $58.8 million and a capitalisation rate of 6.25%.
Why Neighborhood Centres Still Outperform
Despite tightening market conditions and rising interest rates, neighbourhood shopping centres continue to demonstrate resilience. Buyers, including Exceed, are drawn to the certainty of income these centres provide—particularly in regions with strong underlying economic sectors.
Unlike discretionary-spending reliant assets, neighbourhood centres anchored by essential retailers such as Woolworths remain highly defensive. These assets continue to attract both institutional and private capital, with investors chasing strong yields and inflation-linked growth.
Key Features of Allenstown Square
- Location: Allenstown, Rockhampton QLD
- Anchor Tenant: Full-line Woolworths
- GFA: Includes the Woolworths tenancy plus an additional 11,000 sqm of adjoining development land
- Capitalisation Rate: 6.25%
- Transaction Value: ~$58.5 million
The centre has performed strongly, even throughout the COVID period, making it a prime candidate for long-term income generation within Exceed’s unlisted AT Property Trust. Investors in the trust are projected to receive an initial yield of 7% in the first year.
Backed by a Track Record of Delivering Returns
This acquisition continues a string of strategic retail and office transactions that have contributed to Exceed Capital’s growing track record. The firm now manages a diverse and defensive portfolio across neighbourhood retail and commercial office sectors, with a focus on adding value and delivering stable returns.
With Allenstown Square, Exceed adds another asset that complements its broader vision of investing in high-performing assets across Australia’s regional growth corridors.
“Demand for defensive, non-discretionary assets will continue to draw the most aggressive capital throughout 2022 and beyond,” said JLL’s Mr. Swan in the The Australian article.
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