Medical & Retail Centre sells for $9.415 million in Brisbane’s South

31 March 2023

50 Market Place, a Medical and Retail Centre located in Waterford West south of Brisbane, has sold for $9.415 million, illustrating the continued private investor demand for essential service retail and medical assets in South East Queensland.

The property occupies a high profile, left hand homebound location on Chambers Flat Road, opposite the HomeCo Marsden Shopping Centre

Savills’ Michael Harcourt and Jon Tyson handled the sale of 50 Market Place for the second time in three years with the latest sale reflecting a 6.09% passing yield and a $1.5 million premium to its 2019 sale price.

50 Market Place comprises a 1,256sqm medical and convenience retail centre featuring 13 tenancies and at grade parking for 70 vehicles.

Savills’ Associate Director of Retail Investments, Michael Harcourt said the property sold to a local private investor after attracting over 120 enquiries and multiple expressions of interest despite the rising cost of debt fuelling general investor uncertainty.

“We generated a lot of interest from local and interstate buyers due to the dynamic tenancy mix which incorporates a range of medical and allied health services.”

“Assets with a strong weighting of ‘essential service’ tenants attract a depth of capital due to their reliability and resilience in the face of macro-economic uncertainty.” Mr Harcourt said.

Jon Tyson commented, “The availability of quality retail and medical assets for sale across all price points remains tight with the availability of similar style assets unlikely to change quickly.”

“50 Market Place presented an excellent opportunity to the investor market to secure a modern asset with around 45% of the lettable area leased to medical related tenants”. Mr Tyson said.