This article is from the Australian Property Journal archive
SYDNEY-based investment group Maker Invest has reached northwards over the border and purchased the IGA-anchored East Brisbane Marketplace neighbourhood shopping centre for $16.25 million.
CBRE’s Michael Hedger and Joe Tynan brokered the deal with the sale reflecting a 6.21% yield.
The Seasons IGA Supermarket occupies more than 70% of the centre’s 2,019 sqm, alongside national retailers including BWS and Chempro Pharmacy.
The sale is the largest IGA-anchored transaction in Queensland since 2022 and is Maker Invest’s first acquisition into the neighbourhood sector.
“East Brisbane Marketplace represents a rare and strategic inner city Brisbane location and was the reasoning behind our acquisition,” said Michael Hanscomb from Maker Invest.
East Brisbane Marketplace is perched in a high-profile location on the CBD fringe along Lytton Road, the main thoroughfare connecting the eastern suburbs to the CBD, with direct access over the Story Bridge.
“We had been working with Maker Invest on off-market opportunities prior to East Brisbane Marketplace coming to market, however they were instantly drawn to the asset given its prime location and being very familiar with the trade area having grown up nearby,” Hedger said.
More than 100 enquiries were made with seven offers presented.
“Inner-city retail assets such as East Brisbane Marketplace are rarely offered formally to market, particularly volumetric holdings like this in prime locations offering entry-level investment opportunities to the deep pool of active private investors in the market at present,” Tynan said.
