Bracken Ridge Plaza, a prominent North Brisbane neighbourhood shopping centre anchored by a full-line Coles supermarket and complemented by a mini major and 25 specialty retailers has been acquired by a private investor for $39.3 million.
Located at 250 Telegraph Road, Bracken Ridge, the property changed hands following an off-market campaign managed by JLL’s Queensland Retail Investments team.
JLL Senior Director Jacob Swan and Associate Director Ned McKendry led the sale, achieving an exceptional 5.51% passing yield and $6,455 per square metre rate for the seller.
“This transaction underscores the ongoing demand for suburban located, supermarket-anchored neighbourhood shopping centres that provide income growth through non-discretionary retailers,” Mr Swan said. “Bracken Ridge Plaza exemplifies this trend, with its full-line Coles supermarket and a complementary mix of 25 specialty stores and a mini major tenant, with the majority of tenants offering non-discretionary goods and services.”
The Centre’s tenant mix includes established retailers such as QML Pathology and Telegraph Road Medical Clinic, further enhancing its appeal to investors seeking stable, long-term non-discretionary income streams.
The investment appeal was bolstered by the Centreās income profile, with a 97.7% occupancy rate and a 4.34 year Weighted Average Lease Expiry (WALE), which together enhanced the income security of the asset.
Mr Swan highlighted the prime base rental growth potential as a key driver of investor interest. “The Centreās income profile is underpinned by the Moving Annual Turnover (MAT) growth for Coles and passing percentage rent. As a result of this, Bracken Ridge Plaza has an attractive rental growth profile,” he said.
The sale reaffirms the resilience and attractiveness of supermarket anchored neighbourhood shopping centres, particularly those with a strong focus on non-discretionary and essential service retailers.
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