Brisbane Retail Double-Play for JLL

A combined $43.5m million in off-market acquisitions along Windsor’s Newmarket Road highlights continued appetite for tightly held retail assets.

A private investor has completed a combined $43.5 million acquisition along Brisbane’s Newmarket Road, securing both Windsor Exchange and the freehold interest in Officeworks Windsor in two separate transactions.

Both off-market deals were negotiated by JLL’s Ned McKendry, Jacob Swan and Liam Cox, acting for the Windsor Exchange owners, Griffith Group, and the private owner of Officeworks.

The $28.5 million purchase of Windsor Exchange includes a high-exposure large-format and convenience retail centre positioned on an 8,010sqm corner site 3.5 kilometres from the Brisbane CBD. The 2,915sqm centre is fully leased to nationally recognised retailers including Ampol, KFC, and Super Cheap Auto. It generates $1,430,886 in annual net income supported by a 7.04-year WALE by income.

In a parallel transaction, the same buyer also acquired the 100 per cent freehold interest in Officeworks at 157–159 Newmarket Road, Windsor for $15 million on a 4.85 per cent yield. Located within one of Brisbane’s most affluent and densely populated catchments, the 4,979sqm corner landholding includes a modern, purpose-built 1,944sqm Officeworks facility with exposure to more than 20,000 vehicles daily. The asset was tightly held with only four Officeworks assets trading in South East Queensland over the past four years.

Mr McKendry said the dual acquisitions reflect a clear shift in buyer behaviour across 2025.

“We have experienced elevated levels of demand from new capital sources drawn to the defensive income, attractive replacement cost scenario and limited competition risk due to the historically low retail development pipeline playing out across the retail sector,” he said.

“The purchaser was attracted to the strategic value of the landholding, its proximity to the city, and the long-term flexibility of a prime inner-metropolitan site.”

Mr Swan said the result highlights a clear uplift in private investor sentiment.

“Retail volumes have increased significantly over the past two quarters and buyers are gravitating toward modern, well-located centres with strong income fundamentals,” he said.

“The combined purchase of Windsor Exchange and the Officeworks freehold demonstrate the sustained appetite for income-secure assets in premium urban locations.

“These are strategic, long-term land plays supported by national tenants, and there continues to be very strong depth of demand for opportunities of this calibre.”