A thriving convenience centre in Townsville, situated in one of the city’s affluent eastern suburbs just two kilometres from the iconic Strand foreshore, has sold for $5.3 million following strong investor interest for the asset.
Belrowes Place, located at 45-49 Bundock Street in Belgian Gardens, was purchased by PCMN Property Holdings Pty Ltd from Income for Life Pty Ltd (TTE), Cashflow for life Pty Ltd (TTE) and Cashflow Forever Pty Ltd (TTE) in a deal negotiated by Mark Fitzgerald and Dan Place of Knight Frank.
The high-profile corner property has 1,573sq m of net lettable area over two levels – with retail on the ground floor and commercial space above – on a 3,035sq m site, with 54 car parks.
It has a net income of more than $385,000 per annum underpinned by a strong and diversified mix of 14 tenants comprising retail, allied health and professional consultants. Tenants include St Vincents De Paul, Cleveland Bay Aviation, Glynn Tucker Engineers, Tippott Schrock Architects, Australia Advertising and Coffee Works.
Mr Fitzgerald said the Expressions of Interest campaign generated 95 buyer enquiries, resulting in six offers.
“The Townsville retail investment market continues to attract strong investor interest, particularly for neighbourhood shopping centres and convenience-based retail assets anchored by essential service tenants,” he said.
“Despite broader economic uncertainty and elevated interest rates, demand for well-located retail investments remains solid, with limited availability of quality assets contributing to competitive buyer activity in Townsville.
“Belrowes Place attracted significant market attention, highlighting the depth of investor demand for stable, income-producing retail assets in North Queensland.
“Buyers are seeking secure income streams, diversified tenant mixes and properties with demonstrated trading performance.”
Mr Place said the transaction reflected continued confidence in Townsville’s economic fundamentals, population growth and long-term investment prospects.
“The sale of Belrowes Place demonstrates the strong level of investor interest in the Townsville and broader regional Queensland markets.
“While some capital city markets have experienced softer investor activity, quality regional assets continue to attract significant interest, driven by attractive yields, secure income streams and strong underlying economic fundamentals.
“Belrowes Place also benefitted from its high-profile corner landholding on Bundock Street, which is one of Townsville’s most active arterials linking the CBD to the Northern suburbs, and nearly 28,000 cars passing by daily.”
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