A neighbourhood shopping centre in south Brisbane has sold for $17.4 million, reflecting a passing yield of 5.5%.
The Riverlakes Village property featured a convenience retail and medical centre, with three freestanding pad sites including a Zarraffa’s drive-through coffee, childcare and fitness centres.
The fully-let complex was situated in Cornubia, located 32km from the Brisbane CBD and 50km north of the Gold Coast.
Savill’s Peter Tyson and Jon Tyson handled the sale in conjunction with James Francis and Chris Towers of Towers Francis Property on behalf of a local private investor.
“The property was hotly contested with over 250 enquiries and sold to a private investor reflecting a passing yield of 5.5%,” Tyson said.
“The diverse mix of ‘essential services’ tenants including a medical centre and allied health services as well as the freestanding childcare centre attracted a strong line-up of local and interstate buyers.”
Francis said buyer demand for centres featuring a strong medical component had grown significantly throughout and post the pandemic, making opportunities like these highly competitive when they came up.
Recent retail deals include Parkstone buying two Woolworths-anchored retail centres in Adelaide and Wagga Wagga in New South Wales for more than $40 million last month.
QIC recently settled on the sale of its half stake in the Westfield Helensvale shopping centre on the Gold Coast to IP Generation Holdings for $185 million, while the Pottsville Central retail centre on the far north coast of Northern NSW sold under the hammer for $10.2 million, reflecting a yield of 4.58%.
Last month, Woolworths Group sold the Sapphire Marketplace shopping centre in Bega, New South Wales to a private investor for $54.05 million, as a private investor bought the Woolworths-anchored Fernvale Village shopping centre, located an hour west of Brisbane, for $35.55 million.