This article is from the Australian Property Journal archive
INVESTORS are continuing to snap convenience retail centres, with Riverlakes Village, south of Brisbane, the latest to change hands in a $17.4 million deal.
Over 250 enquiries were made for the Cornubia asset, located 32 kilometres from the Brisbane CBD and 50 kilometres north of the Gold Coast. A private investor bought the property on a passing yield of 5.5%.
Savill’s Peter Tyson and Jon Tyson handled the sale in conjunction with James Francis and Chris Towers of Towers Francis Property on behalf of a local private investor.
“The diverse mix of ‘essential services’ tenants including a medical centre and allied health services as well as the freestanding childcare centre attracted a strong line-up of local and interstate buyers,” Peter Tyson said.
Fully leased Riverlakes Village has a convenience retail and medical centre and three freestanding pad sites including a Zarraffa’s drive-through coffee, childcare and fitness centres.
Francis said buyer demand for centres featuring a strong medical component has grown significantly throughout and post the pandemic, making opportunities like these highly competitive.
Riverlakes Village receives enormous exposure and access to Beenleigh Redland Bay Road.
This deal marks the third time Peter Tyson and Jon Tyson have been involved in the sale of the centre in the last decade.
Despite a 13% dip on last year’s opening quarter, the retail sector continued its recent good run and saw $2.7 billion of deals in first three months of 2022, according to Real Capital Analytics.
