A north Queensland shopping centre has been sold in an off-market deal for $10.4 million as strength in the retail property sector continues to grow.
The property, at 331 Bridge Road in West Mackay, was purchased by a Brisbane-based investor looking to get their hands on a retail asset.
CBRE’s Michael Hedger and Joe Tynan headed up the negotiations for the shopping centre which is anchored by a SUPA IGA supermarket who are tied down to a 20-year lease.
“The property was sold off market following a direct approach from an investor seeking an IGA secured retail investment,” Mr Hedger said.
Michael Hedger – CBRE
In the current low interest rate environment, we’re fielding strong demand for retail assets which offer a resilient income profile and have strong investment fundamentals. However, a limited number of quality properties are formally available.
The shopping centre features four speciality stores including BWS and Sullivan Nicolaides spread across a land holding of 9,227sqm in the centre of Mackay’s activity precinct.
Regional locations with exposure to major surrounding infrastructure projects are attracting investors interest and this is converting to strong pricing outcomes for non-discretionary based retail assets.Joe Tynan – CBRE
“This has been further evidenced by CBRE’s recent sale of Stockland Northshore in Townsville.”