An established neighbourhood shopping centre in East Ipswich has sold to a Sydney investor for $30 million in a package deal including multiple adjoining properties.
Located in Goodna, the St Ives Shopping Centre plus the six adjacent properties were transacted by Peter Tyson and Jon Tyson of Savills, in conjunction with Shane Sax of Pace Property.
Tyson says the sale to Sydney property group, Mintus, followed an expressions of interest campaign conducted late last year.
"The centre attracted strong interest from the market. The sale was well contested resulting in multiple bids, primarily from private investors," Tyson says.
St Ives Shopping Centre features a Woolworth Supermarket and 49 specialty tenants, with fast food outlets including Domino's, Red Rooster and Subway. The centre occupies a 38,200sq m with parking for over 500 cars.
The main centre was marketed with six adjoining properties included an 11 shop strip retail centre, two freestanding commercial buildings, two vacant mixed use development sites and a vacant house, each on separate titles.
The combined sites total over 6.25 hectares, situated alongside the Ipswich Motorway in Brisbane's western growth corridor. The Woolworths Supermarket is the only full line supermarket in an expansive trade area.
Tyson says the St Ives Shopping Centre and the adjoining holdings were amalgamated over many years.
"The Centre has been tightly held with the transaction following over two decades of ownership by the same group.
"Buyers were attracted to the value-add potential of the large scale land holding which featured significant embedded real estate value and a flexible "Major Centres" zoning which allows for mixed use development up to 12 storeys."
Mel Hazzouri, director at Mintus, says the St Ives Shopping Centre and its land holding was the perfect fit for their portfolio.
"The centre allows for plenty of value add and redevelopment for the future. We look forward to significantly adding value in the short term, working with the retailers and the community to bring St Ives back to its full potential," Mr Hazzouri said.
"The market is showing ongoing demand in early 2018, with tighter stock levels expected to ensure competition from cashed up investors and drive momentum well into the New Year," Jon Tyson says.
Business News Australia
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