Inner Brisbane Retail Centre sells for $5.88m

The Cosmopolitan Retail Centre located in the inner Brisbane suburb of Carindale has sold for $5.88 million following an Expressions of Interest campaign, illustrating the continued strong buyer activity in the retail sector.

Savills’ Jon Tyson and Michael Harcourt handled the sale of The Cosmopolitan to a local private investor reflecting a yield of 4.99%.

The centre comprises five tenancies including a BWS liquor store and Barber, plus 3 restaurant tenancies.

Savills Director of Retail Investments, Jon Tyson said the property was hotly contested following a campaign that generated over 320 enquiries.

“The Cosmopolitan attracted intense interest from both local and interstate buyers, – reinforcing the depth of demand for quality inner Brisbane-based convenience retail centres,” said Mr Tyson.

The Centre is located just 8km south of the Brisbane CBD in Carindale adjoining the Metropol Shopping Complex which occupies the busy corner of Creek Road and Pine Mountain Road.

Savills Associate Director of Retail Investments, Michael Harcourt said “The Property occupies a highly exposed, high-profile location in an established and tightly held local convenience retail and dining precinct.”

The Cosmopolitan Retail Centre is the latest in a strong run of convenience retail investments brokered by Savills who have recently sold the Bribie Retail Centre for $9 million and Emu Park Village for $17.955 million.