This article is from the Australian Property Journal archive
A BRISBANE-based private investor has paid $16.5 million for the Spring Lake Metro retail and commercial complex at Springfield Lakes, 29kms west of Brisbane in a deal negotiated by Savills.
Savills’ Peter Tyson said the Brisbane-based private investor was one of nine bidders in an expressions of interest campaign conducted in late 2011.
“The Spring Lake Metro complex generated strong buyer interest given its excellent access and exposure to the Centenary Highway and strategic positioning as a hub for the fast growing Springfield Lakes community, home to more than 12,400 residents with a projected population of more than 30,000 residents in 10,000 homes,” he added.
The complex was sold by Peter Tyson, Jon Tyson and Michael Harcourt of Savills, under instruction from receivers and managers PPB Advisory.
Completed in 2007 and set on a 4.2ha site, the community titled complex features a Coles Liquorland tavern and function centre, a First Choice Liquor Superstore, a McDonalds drive-through restaurant, 23 retail specialty shops, two freestanding commercial office buildings, a decommissioned motel and a vacant garden centre.
Tyson said the sale of Spring Lake Metro continues Savills’ successful association with the property in recent years.
“When the property went into receivership in 2009, Savills was appointed to assist with managing and leasing the centre. We were successful in attracting businesses to the complex, which now has a strong representation of branded tenants.
“Following the successful sale of the property, Savills has maintained the management and leasing role with the new owners,” he concluded.
Property Review
