This article is from the Australian Property Journal archive
A MELBOURNE-based investor has snapped up the Marketplace Deagon shopping centre in Brisbane’s north in a $23.3 million deal, on a yield of 6.95%.
The sale was handled by Savills Peter Tyson and Colliers’ Stewart Gilchrist following an expressions of interest campaign.
Located at 55-75 Braun St Deagon, the enclosed neighbourhood shopping centre is anchored by a 2,374 sqm Prince’s Supa IGA and five mini-major tenants including The Reject Shop, Good Price Pharmacy Warehouse, Child Care Centre, Healthworks Fitness Centre and RackleySwim School. The centre also has 10 specialty traders including national and chain brand tenants such as Mater Pathology, BWS, Subway and Pizza Capers.
Tyson said the centre’s attractive price point was enhanced by the strong anchor tenant profile, long weighted average lease term profile of over 11 years, recent supermarket and centre upgrade works and relative ease of management.
“The fully-leased centre presented quite a unique offering as it is not only anchored by a major supermarket, but also a strong line-up of five mini-major drawcards, all of which are major traffic generators.
“The combination of the centre’s location and overall security of income was attractive to a broad range of investors, and the strong sale result continues the high level of transactional activity in the sought-after neighbourhood shopping centre asset class,” Tyson concluded.
Australian Property Journal
