The North Rise Shopping Village in Deception Bay, situated north of Brisbane in Moreton Bay, one of Australia’s fastest growing regions, has sold for $4.15 million.
Located around 35 kilometres north of Brisbane, the 1,099sq m retail centre at 1-7 Mariner Boulevard sits on a 5,083sq m site on the corner of Lipscombe Road and Mariner Boulevard, with 61 car parks.
It is anchored by an IGA Supermarket occupying 45 per cent of the centre, but with nine tenancies the asset is supported by a strong mix of complementary tenants including a medical centre, hairdressing salon, laundromat, bakery and restaurants.
The off-market sale of the property, which reflected a 4% yield, was negotiated by Jacob Heinke and Hayden Ryan on behalf of the vendor, Willoughby Ventures. The buyer was a Sydney-based private investor.
Mr Heinke said the sale was the result of a discreet and targeted off-market campaign that yielded on-market results.
“Demand for high-quality retail investments is at its strongest in recent years, particularly in growth precincts, with significant capital growth potential attracting active buyers,” he said.
“This property is located in Moreton Bay, one of Australia’s fastest-growing regions, which will underpin demand for retail services and in turn, the asset’s value.
“Two current vacancies also provide leasing upside and the potential for strong income returns.
“Retail is proving to be a sought-after asset class this year, with values on the rise.”
Knight Frank’s Australian Horizon 2026 report, released at end of last year, found retail markets were staging a bounce back, with average capital values up by 2.1% over 12 months, led by super and major regional centres and neighbourhood centres.
Meanwhile, Knight Frank’s latest Australian Retail Review found retail was one of the strongest performing sectors in the commercial property market, thanks to a combination of strong population growth, rising real incomes and a lack of new supply.
The report found strengthening fundamentals meant the retail property sector was attracting increased capital from investors seeking to capitalise on the rebound.
Mr Ryan said: “The North Rise Shopping Village had great passing traffic visibility and is easily accessible to residents.
“The asset has easy access to Bruce Highway, D’Aguilar Highway, and the Caboolture and Redcliffe railway lines.”
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