Bribie Harbour shopping village sold at $13.15 million

After more than 200 enquiries, Peter Tyson and Jon Tyson of Savills Retail Sales have secured the Bribie Harbour Shopping Village for $13.15 million.

The centre occupies a 1.71 hectare site at 25 Sunderland Drive at Banksia Beach on Bribie Island, 45 kilometres north of Brisbane.

The 4,514 square metre centre is anchored by a Woolworths supermarket, which is secured on a 15 year lease to 2023 with further options.

The centre has 16 specialty shops plus on-grade parking for some 316 vehicles. With several shops vacant, the passing yield was around 8.7 per cent.

The neighbourhood-shopping centre asset class has seen a big uplift in transactions in Queensland.

"We expect this to continue to similar or greater levels over the next 12 months,” Peter Tyson said.

Savills recorded a total of $1.48 billion worth of retail property transactions above $5 million in value in Queensland in 2014, up from $1.1 billion in the previous year and up on the five-year average of $1.29 billion.

The 39 shopping centres sold in 2014 was also up from the previous year’s tally, and five-year average, of 37 sales.

About half of the total number of retail properties transacted in Queensland in 2014 were in the $10 million to $50 million price range.

"While fund managers accounted for some 58% of the value of all retail properties purchased in Queensland in 2014, private investors were responsible for the majority of transactions," he said.

Savills have commenced marketing the 2005-built Mt Warren Park Shopping Centre located in the Brisbane/Gold Coast growth corridor. 

It's estimated net income is $1,030,659 per annum.