EG has acquired a fully-leased retail asset in Redcliffe, Queensland for $19.29 million on behalf of its Private Wealth division.
The property is located adjacent to Bluewater Square Shopping Centre approximately 38 kilometres north of the Brisbane CBD. With a weighted average lease expiry of 7.19 years, there are two businesses operating on the property leased to Queensland Venue Co., the Redcliffe Tavern and a First Choice Liquor Superstore.
The Redcliffe Tavern, developed in circa 2009, is set on a 2,498sq m site at 32 Anzac Avenue, Redcliffe, approximately 28km north of the Brisbane CBD. The site has excellent exposure and access with frontages to both John Street and Anzac Avenue.
The property features a total lettable area of 1,464sq m and also includes grade-level and basement parking for approximately 91 vehicles. Additional parking is located in an adjacent Council owned public car park with some 225 car spaces.
The vendor, a private investor, acquired the site in 2016 for $15m.
“The retail asset is located on a prime corner site with a strong tenant backed by two major national organisations, providing a robust income profile,” said EG’s Head of Capital Transactions, Sean Fleming.
With a net passing yield of 5.5% p.a., the asset offers a modern standard of facilities a moment’s walk from the ocean and popular local amenities including malls, museums and parks.
“EG’s Private Wealth Division is pleased to secure this blue-chip opportunity as our portfolio value grows along with the wealth of our wholesale investors despite a competitive market”, said EG’s Head of Private Wealth, Rodney Walt.
The property was secured via an off-market transaction through Jon Tyson of Savills.