Brisbane’s Metro Middle Park shopping centre has been acquired by property fund managers Clarence Property for $40.4, million through its Clarence Property diversified fund.

The single-level centre is anchored by a Coles supermarket and is supported by 38 speciality tenancies across its 6411sqm gross lettable area. 

“In a climate where yields have softened and transaction volumes remain subdued, we’re seeing continued value in defensive, convenience-led assets with strong tenant covenants and embedded land value,” said Ben Somerville, head of capital transactions at Clarence Property.
 
“Metro Middle Park is a great example – a rare, tightly held metro Brisbane retail centre in an affluent family catchment, anchored by a national tenant trading above threshold and paying turnover rent,” he said.

The centre is a 2.1ha corner site with a weighted average lease expiry (WALE) of three years and has 301 parking spaces, making it accessible to those in the Centenary suburbs,  Jaboree Heights, Riverhills, Westlake and Mount Ommaney.

“Brisbane remains one of Australia’s most compelling real estate markets, supported by strong population growth, a deepening infrastructure pipeline, and the long runway of the 2032 Olympic Games,” said Simon Kennedy, CEO of Clarence Property.
 
“We’re continuing to pursue strategic additions to our over $800 million strong portfolio across retail, commercial, industrial and residential sectors – and Metro Middle Park fits that mandate perfectly.”

The acquisition follows Clarence Property’s $119 million purchase of 120 Edward Street in Brisbane’s CBD last year. 

The sale was negotiated by Peter Tyson of Savills, who said the centre “attracted strong buyer interest in a market where high-quality neighbourhood centres remain tightly held.”