Strategically located large format retail centre attracts 13 formal offers and over $285M in unsatisfied capital.
Colliers and JLL have successfully transacted Morayfield Village, a large format retail centre strategically located in one of Brisbane’s busiest retail precincts, 46km north of the CBD in the City of Moreton Bay.
The sale was completed on behalf of Gordon Corp, with the property acquired by a private Sydney-based investor for $24,625,000, reflecting a passing yield of 6.87%.
Morayfield Village comprises 6,916sqm of large-format retail and convenience space and occupies a prominent corner site at 177–189 Morayfield Road, Morayfield. The centre is anchored by nationally recognised tenants including Repco, Mr Toys Toyworld, and Choice The Discount Store, and is complemented by eight specialty retailers. With a 96% occupancy rate and a WALE of 5.58 years by income, the asset offers a secure and stable income profile.
Harry Dever, Associate Director of Queensland Retail Middle Markets at Colliers:
“This campaign drew exceptional buyer depth and strong competitive tension, with 250 enquiries, 13 offers and more than $285 million of active capital highlighting the sheer weight of investor demand chasing quality large format retail assets. Demand across South-East Queensland remains incredibly strong, fuelled by rapid population growth, resilient retail performance and ongoing infrastructure investment that continue to drive long-term confidence in the sector.”
Ned McKendry, Associate Director of Retail Investments at JLL, commented:
“Well located assets that provide security of income via strong lease covenants, underpinned by significant land holdings continue to attract the most aggressive capital, with the highly competitive nature of sale process for Morayfield Village highlighting the demand.”
James Wilson, Head of Retail Middle Markets Australia at Colliers:
“A private high net worth investor from Sydney secured Morayfield Village in a competitive on market EOI which generated offers from funds, syndicators and private capital. Over 70% of the QLD shopping centres have transacted to interstate and offshore capital, highlighting depth of capital targeting the state.”
Jacob Swan, Executive Director at JLL:
“The LFR retail sub-sector continues to attract new sources of capital drawn to the land rich real-estate, national tenancy profile and rental growth projections relative to other sectors, which has intensified as construction pricing remains elevated.”
The sale was managed by Harry Dever and James Wilson of Colliers, alongside Ned McKendry and Jacob Swan of JLL.
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