Mintus has acquired Underwood Marketplace in a competitive $62.5 million deal, reflecting strong underlying fundamentals and investor interest in the sub-regional sector.
Located 16km from the Brisbane CBD on Logan Road, the centre boasts a gross lettable area of 13,828sqm across a prominent 4.08ha site. It is anchored by Woolworths and Big W, which together occupy 70 per cent of the GLA, alongside 50 specialty tenancies including Priceline Pharmacy, Coffee Club, Domino’s and Australia Post.
CBRE’s Queensland state directors Michael Hedger and Joe Tynan managed the campaign and noted the asset attracted a broad range of investors, driven by its dominant trade area position, significant landholding and future repositioning potential.
“This campaign demonstrated the pent-up demand we are seeing for the sub-regional sector, given the low volume of supply offered to the market,” said Hedger. Tynan added that appetite for these assets shall remain strong, given their non-discretionary focus, growth potential and opportunities for immediate value creation.
“Underwood Marketplace marks the fourth sale CBRE has transacted in the last 12 months, totalling $256.8 million over four assets, including Whitsunday Plaza and Gympie Central,” Hedger continued.
Mintus’ director of retail and residential, Ben Stewart, said its plans for Underwood Marketplace include a centre refurbishment and strategic leasing program aimed at enhancing the customer experience. The initiatives will further strengthen the mall’s position within its trade area, while complementing Mintus’ other sub-regional asset in Beenleigh.
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