New transaction reflects continued investor appetite for nationally tenanted large format retail assets across Southeast Queensland
A fully leased large format retail centre in Booval, anchored by Baby Bunting and RSEA Safety, has transacted for $11.45 million.
The highly competitive on-market Expressions of Interest (EOI) campaign managed by JLL’s Ned Mckendry and Liam Cox generated more than 189 enquiries and culminated in three formal offers at EOI close.
The freestanding centre at 232 Brisbane Road, was sold by vendor Properties & Pathways to a private investor, with tenants Baby Bunting and RSEA Safety providing long-term income security.
Classified as a Large Format Retail Centre, the asset achieved a building rate of $4204 per square metre and a land rate of $4285 per square metre, and a fully leased yield of 6.25 per cent, with full occupancy secured at the time of sale.
Strategically positioned opposite Booval Fair Shopping Centre, three kilometres from Ipswich CBD, the property offers more than 190 metres of exposure in a thriving commercial precinct.
Mr McKendry said the outcome underscored the strong market fundamentals in Brisbane’s western growth corridor.
“Investor appetite for well-leased, nationally tenanted assets in Southeast Queensland remains extremely robust. The depth of enquiry we saw reflects confidence in the Ipswich market and in large format retail as a defensive investment class,” he said.
Mr Cox said that the quality of tenancy covenants and built-in growth profile were key drivers of the result.
“Both Baby Bunting and RSEA are highly regarded national retailers, and the long leases with fixed annual reviews provide the new owners with income certainty as well as rental uplift. That combination attracted strong competition through the campaign,” he said.
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