Brisbane Convenience Centre Sells for $7.7m

A Brisbane-based private investor has pounced on the IGA-anchored On Q Centre in Brisbane’s Everton Hills for $7.7 million.

The transaction was negotiated by Jon Tyson and Michael Harcourt of Savills Retail Investments following an on-market Expressions of Interest campaign, which generated in excess of 160 enquiries, multiple offers and sold at an initial yield of 6.7%.

Everton Hills is located in the Hills District of northern Brisbane, only 10 radial kilometres north- west of the CBD. On Q Centre is a strategically located convenience centre comprising an open layout design with a gross lettable area of 2,019sq m.

The centre features a prominent 5,035sq m site located at the corner of Queens and South Pine Road, and provides grade level and all weather under croft parking for 117 vehicles.

Savills Director of Retail Investments, Jon Tyson said “On Q Centre enjoys a high exposure location due to its corner position on two main roads and features a dynamic mix of retail, service and medical oriented tenancies.”

“Well located convenience centres like On Q Centre continue to be highly sought after by a range of buyer groups primarily including private investors smaller fund managers and property syndicates,” Mr Tyson said.

Mr Harcourt said On Q Centre is the latest in a string of South East Queensland convenience centre sales brokered by Savills during the first half of 2017.

Other recent convenience centre transactions brokered by Savills this year include Wynnum West Shopping Centre for $7.88 million, Pinnacle Pines Shopping Centre for $19.7 million and a Red Rooster anchored convenience centre in Narangba for $4.2 million.

“This sustained level of activity clearly indicates that investor demand for centres of this nature remains solid as we enter the second half of the calendar year,” Mr Harcourt said.