This article is from the Australian Property Journal archive
SYNERGY Property Partners has sold a Puma service station and Hungry Jack’s-anchored convenience and retail centre in West Ipswich for $14.3 million to an interstate investor.
The 242 Brisbane Street property also features national tenants Zarraffa’s Coffee, Snap Fitness, TSG Tobacco and Sunshine Kebabs, with Puma and Hungry Jack’s accounting for 63% of the gross income.
Jon Tyson and Michael Harcourt of Savills negotiated the sale at a 6.00% yield following an expressions of interest campaign.
Harcourt said investors were attracted to the centre’s diversified mix of quality tenants and long lease expiry profile.
“This near-new centre is highly desirable for a range of reasons and features a WALE of over 12 years, mostly net leases and fixed annual rent reviews of up to 4%, underwriting income growth into the future,” he said.
Tyson said the sale continues the strong run of fuel and fast food anchored sales in the greater Brisbane market.
The south east corner of Queensland has recently seen developer John Hembrow sell the Red Rooster-anchored retail centre at Burleigh to the Charter Hall direct Diversified Consumer Stapes Fund for $7.91 million; a Caltex and Red Rooster in Parkwood traded for $8 million and a 7-Eleven service station in Gumdale sold for $5.1 million.
Australian Property Journal
