St Lucia sale sets Qld benchmark
A new yield record for an IGA-anchored shopping centre has been set with the sale of St Lucia Marketplace in Brisbane.
MRL Investments purchased the 3033sqm site for $15 million from Marquette Properties, representing a building rate of $7653/sqm and fully leased yield of a record 5.5 per cent.
On the corner of Hawken Drive and Boomerang Road in St Lucia, just 4km from the Brisbane CBD, the Marketplace consists of two, two-level buildings.
Brisbane’s leading IGA operator, Hopper Group, occupies 56 per cent of the 1960sqm gross lettable area on a 15-year lease, and is accompanied by 11 specialty tenancies reflecting a WALE of 6.17 years.
CBRE’s Joe Tynan and Michael Hedger managed a significant expressions of Interest campaign, attracting 134 inquiries and 11 serious offers from local, interstate and offshore investors.
“The level of inquiry and bidding was above average for this category of shopping centre, primarily due to its prime location and solid investment fundamentals,” Tynan said.
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