A fully leased retail centre on Bribie Island north of Brisbane has been sold for $9 million following an Expressions of Interest campaign, adding further to a strong inventory of retail transactions this year.
Savills’ Jon Tyson and Michael Harcourt handled the sale of Bribie Retail Centre on behalf of Arcana Capital to an interstate investor at a sharp yield of 5.49 per cent.
The Centre comprises three tenancies incorporating national and chain brands Supercheap Auto, Prices Plus and Domino’s Pizza. The complex features 1,567sqm of lettable space and is situated on a corner 5,916sqm lot adjacent to the Woolworths anchored Bribie Island Shopping Centre.
Savills Director of Retail Investments, Jon Tyson said the property attracted strong interest from both local and interstate buyers.
“This result continues a strong run of quality retail investment property sales so far this year”, Mr Tyson said.
“Opportunities like this with big name national tenants always attract keen interest and have been quite rare at this price point.”
Michael Harcourt said, “The Centre attracted interest from a range of private investors, property syndicates and listed and unlisted property trusts.”
“Chairman of Arcana Capital, Campbell Newman said that after delivering returns of 9.00% p.a. for the past 5 ½ years it was pleasing to exit the asset in accordance with the original investment strategy with a substantial capital gain”.
The sale of the Bribie Retail Centre marks the second time Savills have sold the asset in recent years and follows a string of retail centre sales including IGA Goodna and the Redcliffe Tavern for $10.1m and $19.29m respectively.
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