Holland Place Convenience Centre sells for $3.4 million‏

Investors continue to show a strong appetite for main road convenience retail centres, making them one of the most sought after bite-sized commercial property investments in the current market.

The Holland Place Convenience Centre at 926 Logan Road at Holland Park West in Brisbane’s inner south-east is the latest centre to be traded, sold for $3.4 million on 5.97% yield.

In a deal negotiated by Michael Harcourt of Savills, the fully-leased centre was sold on behalf of Ken Woodley, the co-founder of Metro Property Development.

Mr Woodley held the Holland Place Convenience Centre as a personal investment.

Its sale is the second such convenience centre that Savills has sold for him in recent years, following the sale of the Sherwood Court convenience centre in Brisbane’s south-west for $3.9 million in 2013.

Mr Harcourt said that Mr Woodley has divested his investment portfolio in favour of long term leased service station investments.

Mr Harcourt said the Holland Place Convenience Centre presented a highly attractive investment opportunity. 

He said the centre is fully leased to a mix of retail operators including a Friendly Grocer supermarket, a Thai restaurant, bakery and hairdresser.

“The centre has enjoyed an excellent history of tenancy occupation and its success is underwritten by its prominent left-hand outbound location on one of the busiest arterial roads in Brisbane, within just five kilometres of the CBD,” he said.

Mr Harcourt said the sale highlights the strength of the sub-$5 million retail investment market, in particular well-established and prominently located convenience centres.

"High quality convenience centres in main road locations are continuing to attract strong demand from private investors in the current market.”