Stonebridge Property Group has been appointed to sell two convenience-based neighbourhood shopping centres in northern Brisbane’s growth corridor — Deagon Marketplace and Kallangur Fair — available for purchase individually or in one line.
Benefiting from long-term and secure anchor tenants and a combined occupancy level of close to 100%, the assets present together offer a rare combination of long-term income growth and genuine value-add potential (STCA).
“This offering comprises two affordable, high-quality convenience centres with complementary components – a secure, long-WALE land bank intensification play at Kallangur Fair, with Deagon Marketplace offering a higher yield and fixed rental growth across the entire cashflow. Both are likely accretive to the cost of debt and can be bought individually or in-one-line,” said Carl Molony, National Partner at Stonebridge.
“We expect South East Queensland to remain highly attractive to investors, driven by strong population growth and significant infrastructure investment ahead of the 2032 Olympic Games. These long-term economic and demographic trends will continue to support the State’s future growth,” said Harrison Coburn, Partner at Stonebridge.
Why this offering, why now
Ahead of the 2032 Brisbane Olympics, South East Queensland is expected to remain one of Australia’s fastest-growing metro regions, with northern Brisbane among its strongest growth corridors. Deagon Marketplace and Kallangur Fair are well positioned to benefit from this population growth as daily-needs assets with strong rental growth and land appreciation potential.
With recent changes to the CGT legislation announced by the government in last week’s budget, Stonebridge proffer an acquisition of one or both assets could suit shrewd investors seeking cashflow positive investments with strong cashflow fundamentals.
Kallangur Fair — long-WALE Woolworths in a growth corridor
Kallangur Fair is a 4,714 sqm full-line Woolworths-anchored neighbourhood centre 30 kilometres north of the Brisbane CBD, on a 1.58ha site. The centre is 100% occupied with a 9-year WALE. The Woolworths’ lease runs to June 2037 and is supported by high-quality specialty income, on a trade-area population growing at 1.9% p.a. The centre sits within 4km of The Mill at Moreton Bay — a 460ha priority development area, anchored by the University of the Sunshine Coast, with 3,400 dwellings, 6,000 jobs and a forecast $950 million in annual economic output by 2036. A Woolworths Click & Collect and Direct to Boot service is also programmed to commence at the centre in late 2026 with the asset further benefitting from its proximity to the Kallangur Train Station (1km). This lends itself to a significant site amalgamation and intensification potential for a mixed-use development (STCA).
“Kallangur Fair offers something genuinely rare — a full-line Woolworths committed to 2037 in a fast-growing catchment on a large mixed-use zone land parcel of 1.58ha, whilst on the doorstep of a 460ha university-anchored precinct. Woolworths is also rolling out a Click & Collect and Direct to Boot service at the centre imminently. It is the kind of fixed, hands-off neighbourhood retail income that has become difficult to source,” said Harrison Coburn, Partner at Stonebridge.
Deagon Marketplace — anchored by an independent that knows its catchment
Deagon Marketplace is a 6,061 sqm multi-level neighbourhood centre 18 kilometres north of the Brisbane CBD, located just 1 kilometre from Deagon railway station, on a 1.41ha site. The centre is anchored by Fresh & Save, an independent supermarket group with more than three decades of trading history and nine stores across the network. Fresh & Save has anchored Marketplace Deagon since 2016 and is secured on a long term 15-year lease. The operator completed a $2 million refurbishment of the store in 2024, with sales subsequently lifting 40 per cent — a clear signal of sustained consumer demand and anchor covenant strength within the catchment. Alongside Fresh & Save sit five mini-major tenancies including national operators Club Lime (ASX: VVA), Good Price Pharmacy Warehouse, and Rackley Swim School. The centre is 98.1 per cent occupied with a 4.1-year WALE, producing approximately $2.2 million annual income. Importantly, around 58% of lettable area is contributed by defensive supermarket, medical, pharmacy and wellness tenancies.
“What makes Deagon Marketplace work so well is the combination of the Fresh & Save anchor alongside a range of highly destinational service and convenience retail offerings including childcare, swim school, medical and pharmacy. Fresh & Save offers a truly unique customer draw due to its low-cost approach adapted from New Zealand’s Pak’nSave model to the Australian market. This has allowed them to grow to 7 stores in QLD and 2 in NSW and are genuinely considered to be a highly desirable anchor tenant by the retail investment market given their strong sales and fixed annual rent review growth mechanisms,” said Carl Molony, National Partner at Stonebridge.
Expressions of Interest
Deagon Marketplace and Kallangur Fair Shopping Centre are offered for sale via Expressions of Interest, available individually or as a portfolio closing Thursday 18th June at 4:00pm (AEST).
All figures are approximate only.
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