Marketplace Deagon sells for $23.3 Million

The Marketplace Deagon shopping centre in Brisbane’s northern suburbs has been purchased by a Melbourne-based private investor for $23.3 million.

The sale, negotiated by joint marketing agents Peter Tyson of Savills Retail Investments and Stewart Gilchrist of Colliers International, reflects a yield of 6.95% and follows an Expressions of Interest campaign.

Mr Tyson said “The centre’s attractive price point was enhanced by the strong anchor tenant profile, long weighted average lease term profile of over 11 years, recent supermarket and centre upgrade works and relative ease of management.”

“The fully-leased centre presented quite a unique offering as it is not only anchored by a major supermarket, but also a strong line-up of five mini-major drawcards, all of which are major traffic generators.”

“The combination of the centre’s location and overall security of income was attractive to a broad range of investors, and the strong sale result continues the high level of transactional activity in the sought-after neighbourhood shopping centre asset class.”

Marketplace Deagon is an enclosed neighbourhood shopping centre anchored by a 2,374sq m Prince’s Supa IGA and five mini-major tenants including The Reject Shop, Good Price Pharmacy Warehouse, Child Care Centre, Healthworks Fitness Centre and Rackley Swim School. The centre also features 10 specialty traders including national and chain brand tenants such as Mater Pathology, BWS, Subway and Pizza Capers.