Rededge Shopping Centre Sold on 6% yield

Brisbane based syndicator, NATGEN Group has acquired a prominent retail convenience centre anchored by an IGA Supermarket in Brisbane’s western growth corridor. 

Rededge Shopping Centre Goodna features 8 specialty tenancies incorporating a mix of complementary uses including a medical centre, pharmacy, bottle shop and a bakery cafe.

The property was sold for $10.1 million in an off market transaction handled by Michael Harcourt and Jon Tyson of Savills National Retail Investments, reflecting a yield of approximately 6.0%.

Set on a 5,702sq m corner site, the Centre benefits from high profile exposure and access to Queen Street, the area’s main arterial road.

Michael Harcourt said “The sale of the Rededge Shopping Centre Goodna continues the strong run of convenience shopping centre sales in the suburban Brisbane market.”

Jon Tyson said “Convenience-based centres with non-discretionary retail and medical tenancies and high-profile locations are highly sought after in this buoyant retail investment market.”

Steven Goakes, Managing Director of NATGEN Group said “the Centre represented an excellent opportunity to continue our acquisition strategy, focused on income risk mitigation through investment in consumer staples, medical services and food-based assets.”

The sale of Rededge Shopping Centre Goodna is the latest of multiple convenience retail investment sales recently handled by Savills, who recently closed offers on Riverlakes Village south of Brisbane.

Savills is also about to commence marketing campaigns for retail centres in Kenmore and Pottsville.

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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