Parkinson Plaza shopping centre in Brisbane’s south has changed hands for $17.5 million. Through a tightly conducted Expressions of Interest campaign, the buyer was secured on a cash unconditional contract which reflected an initial sale yield of 6.79%. CBRE’s Michael Hedger, Joe Tynan and Kevin Tong negotiated the sale of the neighbourhood centre to a Victorian-based investor.
Parkinson Plaza is situated at the busy roundabout intersection of Algester and Nottingham Roads, approximately 20km south of the Brisbane CBD.
Developed in 2002, the centre offers substantial at grade parking for 295 cars – representing an extremely high ratio of 6.2 bays per 100m2 of gross lettable area (GLA) and considerable scope for potential expansion.
“The new purchaser was attracted to the established catchment and underlying land value of the centre, which occupies an expansive 2.11ha site, allowing for future development and repositioning opportunities,” Tynan said.
“An opportunity exists to capture a higher level of market share and to drive sales across the tenancy mix to cater to the local demographic and the desire for convenient, food-based retail offerings,” He continued.
The property is anchored by a 3,203m2 Drakes Supermarket, which has recently been upgraded and the lease extended to 2022, which represents 68% of the centre’s GLA.
The centre also includes 14 specialty stores and provides the only supermarket offering in Parkinson’s growing Primary Trade Area, which is dominated by young families.
CBRE’s Tong said the sale provided the latest evidence that local and international buyers were increasingly looking outside of their state and country borders for investment opportunities.
“This was the case with Parkinson Plaza, with the Victorian-based investor seeking an opportunity further up the eastern seaboard after being unable to find a suitable investment in Victoria,” Tong said.
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