FORMER Premier of Queensland, Campbell Newman, has acquired a prominent retail convenience centre in Brisbane suburb Redland Bay.
The property was sold for $15.6 million to Newman, Director of Arcana Capital, following an expressions of interest campaign which attracted multiple offers.
The Rededge Redland Bay Shopping Centre incorporates a mix of complementary uses, including a medical centre, chemist, dentist and newsagent, plus a range of food retailers and service tenants.
Newman says the Redland Bay Centre presented a rare opportunity to acquire a dominant local convenience centre.
"Anchored by a strongly trading IGA, Rededge has a dynamic balance of retail, medical, service, education, and food tenants," says Newman.
Jon Tyson, Director of Retail Investments in Queensland at Savills, says the sale of the shopping centre continues the strong run of convenience shopping centre sales in the suburban Brisbane market.
"Convenience-based centres in high profile locations with main road exposure are one of the best performing sectors of the buoyant retail investment market," says Tyson.
"In particular, well-established centres with a popular supermarket offering and quality mix of supporting tenants are very highly sought after by investors."
The centre is the latest of eight Queensland convenience centre transactions completed by Savills in 2017.
The centre was previously sold to the vendor in 2014 on behalf of the centre's developer.
Business News Australia
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