This article is from the Australian Property Journal archive
A PRIVATE Chinese investor has bought the Riverlakes Village shopping centre for $11.5 million on a yield of 8.2%, in a sale negotiated by Savills.
Savills’ Peter Tyson and Michael Harcourt sold the convenience-based shopping centre via an expressions of interest campaign.
Tyson said the property attracted more than 150 enquiries.
“The current scarcity of open market retail investments, coupled with strong buyer demand drove enquiry from a broad range of investors, including private buyers, self managed super funds and consortiums,” he added.
Located 28km south of Brisbane’s CBD, the Riverlakes Shopping Village is set on a 14,439 sqm site on the Beenleigh-Redland Bay Rd, a major arterial connecting the Pacific Motorway (M1) to Brisbane’s bayside suburbs of Mt Cotton, Redland Bay and Victoria Point.
The centre was originally developed in 1992 and refurbished in 2011. It comprises a total floor area of 2,812 sqm and is anchored by an IGA Supermarket, Chemist Warehouse, Medical Centre and a drive-through Zarraffas coffee shop. The complex also incorporates free-standing childcare and fitness centres and includes approximately 186 grade-level car parks.
Australian Property Journal
