Perth-based private investors RG Property has sold the Park Ridge Town Centre neighbourhood shopping centre in Brisbane’s south for a bumper $86 million. 

The 14,300 sqm gross lettable area neighbourhood mall is anchored by full-line Woolworths and Coles supermarkets, with a weighted average lease expiry (WALE) of 8.13 years. 

In addition to Woolworths and Coles, the fully leased centre featured a Prices Plus mini major, 31 specialty tenancies, and KFC and Ampol pad sites. 

The property, which sat on a large 62,450 sqm site, was located in in a southern Brisbane growth corridor, adjacent to the Mount Lindesay Highway. 

Savills, which managed the transaction, said the sale ranked as one of the largest ever price-points for the popular neighbourhood shopping centre asset class.   

The seller originally acquired the centre in 2012, when it was a single supermarket-based centre anchored by Woolworths. 

The property underwent a major extension and upgrade of the centre in 2016, expanding the Woolworths store and adding the Coles supermarket, as well as additional specialties, fast food and fuel pad sites.    

“We were pleased to deliver a strong result for investors as this syndicate comes to an end,” an RG Property spokesperson said.   

“We have been able to deliver robust cash flows as well as strong capital growth over the life of this investment.”   

Savills Australia’s National Directors Peter Tyson and Steven Lerche brokered the deal after receiving over 190 buyer enquiries through an expressions-of-interest campaign.   

“The centre attracted enquiries from a wide buyer pool, including local, interstate and offshore investors,” Tyson said. 

“As a dual-supermarket anchored centre, Park Ridge Town Centre is unique in today’s marketplace.  Invariably neighbourhood shopping centres feature single supermarkets. The scale and dominance of this high-performing centre relative to its peers was obvious.”   

“The buyer was attracted by the centre’s dominance and strategic location in a major residential growth corridor, with 55 per cent of its income stream underpinned by Woolworths and Coles,” Lerche said.  

The deal comes after Woolworths sold the Woolworths Mountview neighbourhood shopping centre in Brisbane to an offshore investor for $35.2 million in May, reflecting a 5.27% yield.   

Also in May, Woolworths sold the Dakabin Shopping and Bannockburn Village neighbourhood shopping centres in Brisbane to private investors for a combined price of $66 million.