Riverlakes Village sells for $17.4m in Brisbane’s South

Riverlakes Village, located in Cornubia south of Brisbane, has sold for $17.4million, adding further to strong transactional activity for convenience retail centres.

Savill’s Peter Tyson and Jon Tyson handled the sale in conjunction with James Francis and Chris Towers of Towers Francis Property on behalf of a local private investor.

Peter Tyson commented “The property was hotly contested with over 250 enquiries and sold to a private investor reflecting a passing yield of 5.5%”.

“The diverse mix of ‘essential services’ tenants including a medical centre and allied health services as well as the freestanding childcare centre attracted a strong line-up of local and interstate buyers” Tyson said.

The fully leased complex comprises a convenience retail and medical centre, with three freestanding pad sites including a Zarraffa’s drive-through coffee, childcare and fitness centres.

James Francis said “buyer demand for centres featuring a strong medical component has grown significantly throughout and post the pandemic making opportunities like these highly competitive when they come up”.

Located 32km from the Brisbane CBD and 50km north of the Gold Coast, at Cornubia, Riverlakes Village appreciates enormous exposure and access to Beenleigh – Redland Bay Road.

This transaction marks the third time Savill’s Peter Tyson and Jon Tyson have been involved in the sale of the centre in the last decade as the retail market continues strong growth.

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The ASX200 AREIT Index this week was down -0.76%.