Brisbane convenience centre sells for $7.7 million through Savills

An IGA-anchored convenience centre in Brisbane’s Everton Hills has sold to private investor for $7.7million in a deal brokered by Savills.

The shopping centre, On Q Centre, has a gross lettable area of 2,019 sqm and the transaction reflects an initial yield of 6.7%.

Everton Hills is located in the Hills District of northern Brisbane.

The centre features a prominent 5,035 sqm site located at the corner of Queens and South Pine Road.

The deal was negotiated by Jon Tyson and Michael Harcourt of Savills following an on market expressions of interest campaign.

Tyson said the On Q Centre had a high exposure location due to its corner position on two main roads.

It has a mix of retail, service and medical oriented tenancies.

“Well located convenience centres like On Q Centre continue to be highly sought after by a range of buyer groups primarily including private investors smaller fund managers and property syndicates,” Tyson said.

On Q Centre is the latest in a string of South East Queensland convenience centre sales brokered by Savills during the first half of 2017, added Harcourt.

Others brokered by Savills this year include Wynnum West Shopping Centre for $7.88 million, Pinnacle Pines Shopping Centre for $19.7 million and a Red Rooster-anchored convenience centre in Narangba for $4.2 million.

“This sustained level of activity clearly indicates that investor demand for centres of this nature remains solid as we enter the second half of the calendar year,” Harcourt said.

Recently, two adjoining commercial properties in the Brisbane suburb of Kangaroo Point, opposite the Shafston Hotel, were snapped up for $1,940,000 in an off-market deal through Savills.