This article is from the Australian Property Journal archive
INVESTORS have been presented with a rare opportunity to acquire a neighbourhood retail asset in the greater southern Brisbane region, with the Village Fair shopping centre in Regents Park offered to the market.
Savills agents Peter Tyson and Jon Tyson are marketing the property in conjunction with Shane Sax of Pace Property via expressions of interest.
Anchored by a 2,000 sqm Drake’s supermarket, the centre has a gross lettable area of 4,611 sqm and features 25 specialty shops including BWS, Pizza Capers, and a number of local traders with an annual income stream approaching $1.7 million.
It occupies a high-exposure 12,900 sqm site at 3358 Mt Lindesay Highway near the Browns Plains activity centre.
“The local market has been dominated by long-term owners and the centre is expected to appeal to private investors and syndicates who dominate transactional activity at this price point,” Peter Tyson said.
“Given the scarcity of similar assets in Brisbane’s greater southern region, and the strong ongoing demand for the neighbourhood shopping centre asset class, we expect a very high level of investor interest in this opportunity.”
Jon Tyson said that there has been identifiable and constant demand from investors for neighbourhood retail opportunities, with Village Fair.
“The non-discretionary nature of this asset class is underpinned by food and service oriented tenants, which is exemplified in Village Fair,” he said.
On the other side of Brisbane, Charter Hall Retail REIT has just sold off it Kallangur Fair shopping centre for $21.38 million to an offshore private investor.
Located on Anzac Avenue, the centre has a 3,247 sqm Woolworths supermarket, 420 sqm discount variety mini-major, and 10 specialties with a total gross lettable area of 4,703 sqm on a 15,800 sqm site with parking for 270 cars.
Australian Property Journal
