This article is from the Australian Property Journal archive
A LOCAL investor with deep pockets has paid $21.5 million for Yeronga Village convenience shopping centre in Brisbane’s inner south.
Located at 429 Fairfield Rd, Yeronga Village is anchored by a NightOwl, pharmacy, medical centre and childcare centre.
JLL’s Ned McKendry, Jacob Swan and Liam Cox drew six bids by the close of the expressions of interest campaign.
McKendry said the centre was well embedded in the local community, with its tenancy mix across essential services and daily need outlets cementing it as a one-stop shop.
“Retail assets in metro locations remain highly desirable, given the tenant demand and underlying land value they comprise,” he said.
The centre has 2,409 sqm of building on a circa 6,700 sqm site with 76 on-grade parking bays.
Swan said private investors remained focused on assets with defensive retailers that could absorb upcoming annual reviews in the challenging economic climate.
“As the construction environment continues to constrain the development pipeline, retail assets are becoming increasingly scarce, with a significant demand-supply imbalance across the south-east Queensland retail investment market,” he said.
Cox said that with a lack of new supply, the income of established assets continues to improve with strong population growth driving leasing demand and rental growth.
Also last week, the Henry Lawson Centre in western Sydney has sold for $24 million on a tight 4.6% yield, after the property’s repositioning potential brought in a broad mix of interested investors. The centre, which occupies a 8,841 sqm Penrith site and has 12 tenants across a mix of homewares, office, medical and allied health tenants in addition to 170 on-grade car parking spaces.
