Whistle Funds Management has sold the Highfields Plaza neighbourhood mall near Toowoomba, Queensland for $16.3 million, reflecting a passing yield of 4.86%.  

Developed in 2007, the 4,253 sqm convenience-based shopping centre was anchored by a Coles supermarket and leased to 11 specialty tenants. 

The property was located in Highfields – which was 14 kilometres north of the Toowoomba CBD and experiencing rapid and ongoing residential growth. 

A Melbourne-based private investor group bought the property in an off-market transaction, with Savills’ Peter Tyson and Jon Tyson handling the deal on behalf of the vendor.  

Peter Tyson said the result continued a strong run of transactions of neighbourhood retail assets nationwide and reflected the strong demand for the asset class. 

Jon Tyson said the centre’s catchment featured a young affluent demographic that was forecast to grow by over 26% by 2036 and was well positioned to service the growing community. 

The latest retail deals in Queensland include ISPT’s purchase of the Caloundra Village retail centre on the Sunshine Coast and the sale of Riverlakes Village neighbourhood shopping centre in Cornubia, Brisbane for $17.4 million last month. 

QIC recently settled on the sale of its half stake in the Westfield Helensvale shopping centre on the Gold Coast for $185 million, while Argus Property Partners sold the Metro Market shopping centre in Biggera Waters for about $39.4 million.   

In March, an EG fund bought a half stake in the Grand Plaza shopping centre in Brisbane from Invesco, while IJ Capital sold the Benowa Gardens shopping centre on the Gold Coast for $60.5 million.  

According to Real Capital Analytics, retail property investment volumes reached $2.7 billion across Australia during Q1 2022, down 13% compared to the same period last year. 

The retail sector continued its recent good run in Q1 2022 despite lower levels compared to Q1 2021, with retail investment up 119% to $19.6 billion during the past 12 months, RCA said.