This article is from the Australian Property Journal archive
ANOTHER regional retail centre has changed hands, this time Highfields Plaza, near Toowoomba, trading for the second time in little more than a year for $16.3 million.
A Melbourne-based private investor group bought the Coles-anchored neighbourhood centre off-market on a passing yield of 4.86% from Whistle Funds Management, led by William Silverman, who bought the centre last year.
Highfields Plaza was originally developed in 2007 and also has 11 specialty tenancies for a building area of 4,253 sqm.
Savills’ Peter Tyson and Jon Tyson managed the sale.
“This result continues a strong run of transactions of neighbourhood retail assets nationwide and reflects the strong demand for the asset class,” Tyson said.
The suburb of Highfields, 14 kilometres north of the Toowoomba CBD, is experiencing ongoing residential growth as more city dwellers escape to regional locations due to affordability and lifestyle choices. The centre’s catchment is forecast to grow by over 26% by 2036.
Savills also recently handled the sale of two other centres in the Toowoomba region, including the Woolworths anchored Drayton Central for $34.34 million to SCA Property Group and the IGA-based Kingsthorpe Shopping Centre for $6 million to local fund manager NatGen.
The sale of Highfields Plaza has been announced the same week as Brisbane-based fund manager Exceed Capital’s $12.8 million purchase of the Boambee Central neighbourhood centre near the NSW coastal town of Coffs Harbour.