This article is from the Australian Property Journal archive
A SPRINGFIELD freehold retail and medical premium investment in Brisbane’s southwest growth corridor has sold for $10,628,000.
The 6,000sqm site at 22 Commercial Drive is anchored by national tenants and located in an established business precinct that was 82% listed to national tenants such as Tradelink, Bridgestone and Vinnies, as well as Steller Medical.
Hunter Higgins and Sam Polichronis from Colliers Queensland managed the sale on behalf of a local private investor, with the campaign seeing strong engagement from private, offshore and institutional groups before being successfully purchased by an interstate private investor.
“Underpinned by a strong WALE of 4.9 years, there was no shortage of security and diversity in this investment, hence we saw a lot of market interest,” said Higgins, national director of investment services.
“Metro convenience retail centres underpinned by long WALE and national covenants remain highly sought after by local and interstate private investors. This is a low maintenance investment with only 4 tenants and over 80 per cent of the income underpinned by national tenants.”
The property is strategically located in Brisbane’s booming southwest growth corridor, 23 kilometres southwest of the Brisbane CBD.
“A rare combination of premium covenants in one of Queensland’s fastest developing growth corridors offered a great opportunity for investors,” said Polichronis.
“The 6,600 sqm site is primely situated in the commercial hub of Springfield, neighbouring major master planned developments offering stable future growth.”
The site sits just off the Centenary Highway within the retail precinct of Springfield, walking distance from Springfield Fair Shopping Centre, Hungry Jacks, McDonald’s, Reece Plumbing, Springfield Tavern, Coles and 7-Eleven.
“The rise in demand for essential services in recent years, which has contributed to the expansion of premium investment sectors will continue due to their better resilience to economic conditions,” added Higgins.
“Research conducted by Colliers Queensland shows that due to dependence on everyday necessities the essential service sector is expected to remain stable.”
