Beaudesert shopping centre sold for $16.85 million through Savills

A Woolworths-anchored Beaudesert Central shopping centre has been snapped up by a fund manager for $16.85 million in an off-market deal through Savills.

Beaudesert is a town 70 kilometres south of Brisbane and Beaudesert Central is the dominant centre servicing the region. 

Following this deal, Melbourne-based MPG Funds Management has now added the centre to its open ended MPG Retail Brands Property Trust, which now operates 11 retail assets across Australia with a combined value of more than $100 million. 

The transaction reflected an initial yield of 6.5%.

It was brokered by Savills’ Peter Tyson and Jon Tyson on behalf of a private vendor. 

“The MPG Retail Brands Property Trust had been seeking a suitable Queensland asset for the portfolio for some time. The Beaudesert Central acquisition is the first Queensland asset in the fund,” Tyson said.

The shopping centre comprises a single-level, open neighbourhood shopping centre developed in 2007 and is anchored by a 3,279 sqm Woolworths supermarket with 12 specialty tenants. 

The centre sits on a 14,230 sqm site fronting the Mount Lindesay Highway, adjacent to the central business precinct.

MPG managing director Brett Gorman said the Beaudesert Central is located in an area with strong forecast growth, so “it is a great fit for our business”. 

“The other emerging economic driver of the region is the recent catalyst development of the long-mooted in-land port road–rail hub of the Bromelton State Development Area which is now under development. This major project is expected to generate significant employment opportunities going forward,” added Tyson.  

Other recent transactions brokered by Savills this year include SCA’s acquisition of both Mudgeeraba Market and Worongary Town Centre on the Gold Coast for a combined $82.1 million, the sale of Park Village in Brisbane’s west for $35.2 million, and the sale of Pittsworth Plaza for almost $10 million.