Clarence Property secure The Zone shopping centre at Brisbane's Underwood

Fund manager Clarence Property has purchased The Zone shopping centre at Underwood in south-east Brisbane.

Paying $31.25 million, The Zone was purchased at a 7.85% yield.

Its anchor retailers include OfficeWorks, Rebel Sport, Good Price Pharmacy and Best Friends Pet Warehouse.

It will be within Clarence Property's flagship unlisted Westlawn Property Trust which has more than $250 million in assets between Yamba and the Sunshine Coast.

Its target asset allocation is about 30 to 45% retail, especially high-yield neighbourhood shopping centres in growth regions.

It started in Grafton some two decades ago, expanding its strong presence in northern New South Wales into south-east Queensland.

The Zone is a sub-regional large format shopping centre 16 kilometres south of the Brisbane CBD.

It is made up of four buildings of about 11,000 square metres on a 2.85-hectare site on the corner of Compton and Kingston roads.

It opened in 2005.

CBRE's Joe Tynan, Peter Rossi, Michael Hedger and Nick Willis negotiated the sale of the property for a private Queensland investor.