Clarence Property buys large format centre for $31.25m

The ZoneWestlawn Property Trust, a fund managed by Clarence Property, has purchased a large format centre, The Zone Underwood, in Brisbane for $31.25 million.

The 11,067sqm Zone Underwood comprises four separate buildings on a 2.85ha site and is anchored by major national retailers including Officeworks, Best Friends Pet Store, Rebel Sports and Good Price Pharmacy.

The property, which is located on the corner of Compton and Kingston roads, alongside a new Bunnings store, also has three national mini-majors and 12 specialty tenancies including Subway and the Cheesecake Shop.

CBRE’s Joe Tynan, Peter Rossi, Michael Hedger and Nick Willis negotiated the sale of the property, which was secured on a 7.85 per cent return. The vendor was a private investor based in south-east Queensland.

Tynan said the property’s high-profile position and attractive tenancy profile underpinned widespread buyer interest.

“The Underwood commercial precinct is undergoing significant change, which is helping position this area as the premier position for large format retail,” Tynan said. “Highlighting the area’s growing appeal is Bunnings’ decision to move from Kingston Road to a brand new store adjoining The Zone, and a masterplan sports facility on the adjacent corner.”

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