This article is from the Australian Property Journal archive
A PRIVATE Chinese investor has paid $3,398,888 for a freestanding IGA supermarket at Boondall in Brisbane’s north.
The 790 sqm supermarket was developed by Hardev Property and is set on a 3,434 sqm site at 2138 Sandgate Rd. The property was sold by Savills’ Michael Harcourt and Jon Tyson in an off-market transaction on a yield of 8.1%.
Savills has been involved with the Boondall supermarket property since its inception, having leased the new development to IGA two years ago on a long-term lease.
Harcourt said the rare opportunity to secure a new freestanding supermarket in a high exposure main road location was a key motivation to the buyer.
“IGA Boondall is underpinned by a 10-year lease with a further three five-year options and also features convenient on grade parking for approximately 51 vehicles,” Harcourt said.
Tyson said the property provided all the ingredients that are being sought by private investors in the convenience retail market.
“It boasts a prominent left-hand location to capture outbound traffic out of Brisbane and a core non-discretionary offering of grocery and fresh food items.
“Having opened its doors just two years ago, the Boondall IGA Supermarket is now well established and supported in the local community. As Savills originally secured IGA as the tenant, it is rewarding to have now closed the loop on the property with a strong sales result for both vendor and buyer,” he concluded.
Property Review
