Perth-based RG Property has made one of Queensland's largest ever neighbourhood shopping centre sales after Park Ridge Town Centre was sold to a private investor for $86 million.
The transaction for the property, located in the Logan Shire of Southeast Queensland and anchored by both Woolworths (ASX: WOW) and Coles (ASX: COL), was managed by Savills.
The same real estate group brokered RG Property's original purchase in 2012. At the time it was a single-supermarket centre, but in 2016 there was a major upgrade that allowed existing tenant Woolworths to expand, while a new Coles was added alongside additional specialities, fast food and fuel pad sites.
"We were pleased to deliver a strong result for investors as this syndicate comes to an end. We have been able to deliver robust cash flows as well as strong capital growth over the life of this investment," says an RG Group spokesperson.
Savills Australia’s national directors Peter Tyson and Steven Lerche brokered the deal after receiving more than 190 buyer enquiries through an expressions-of-interest campaign.
“The centre attracted enquiries from a wide buyer pool, including local, interstate and offshore investors,” Tyson said.
“As a dual-supermarket anchored centre, Park Ridge Town Centre is unique in today’s marketplace. Invariably neighbourhood shopping centres feature single supermarkets. The scale and dominance of this high-performing centre relative to its peers was obvious.”
"The buyer was attracted by the centre’s dominance and strategic location in a major residential growth corridor, with 55 per cent of its income stream underpinned by Woolworths and Coles," Lerche added.
Get our daily business news
Sign up to our free email news updates.