A SHOPPING centre in the Brisbane suburb of Warner has been sold for $78.35 million in the largest neighbourhood shopping centre deal ever recorded in Queensland.
MarketPlace Warner has been sold to an AMP Capital-managed private client mandate as part of the deal which was negotiated by JLL's Jacob Swan and Sam Hatcher.
The sale result also represents the sharpest initial yield ever recorded for a neighbourhood shopping centre in Queensland at 5.18%.
MarketPlace Warner is an established and strong performing neighbourhood shopping centre securely anchored by Woolworths and Aldi, supported by 37 specialty tenants and 4 ATMs/Kiosks.
The centre also includes the freestanding 'Brodie's Building', a Goodstart Childcare and surplus land of 4,305 square metres, a development pad site of 2,345 square metres and an adjoining strata retail tenancy.
"The centre was owned by a private family company for an extended period and underwent a significant, high quality refurbishment and expansion in 2013/2014," says JLL's national director of retail investments, Jacob Swan.
"The ownership group have chosen to capitalise on the exceptional market conditions at present for prime retail assets.
"Opportunities of this nature, combining a very high-performing centre with significant future development upside are exceptionally rare, which was reflected in the strong level of genuine interest from both major institutional and high net worth private buyers," says JLL's director of retail investments Sam Hatcher.
MarketPlace Warner is located on a substantial site area of 6.48 hectares, 22 kilometres north-west of the Brisbane CBD in the suburb of Warner. It is the largest neighbourhood centre within the defined trade area and one of only two centres which includes an ALDI Supermarket.
The Main Trade Area population is estimated at 53,290 at June 2016 and is projected to increase to 67,390 residents by 2036 with 29,380 in the Primary Trade Area.
This reflects an average annual growth rate of 1.18% in the Main Trade Area to 2036. JLL says that with limited competition within the Main Trade Area, MarketPlace Warner is well positioned to benefit from this population growth.
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support