Brisbane, 08 May 2018 – A prominent large format centre positioned between Brisbane the Gold Coast has changed hands for $31.25 million.
Westlawn Property Trust – a fund managed by Clarence Property – purchased The Zone Underwood – an 11,067sqm large format retail complex comprising four separate buildings on a 2.85ha site.
Commencing trade in 2005, the modern centre is anchored by major national retailers including Officeworks, Best Friends Pet Store, Rebel Sports and Good Price Pharmacy. There are a further three national mini-majors and 12 specialty tenancies, including Subway and the Cheesecake Shop.
Located on the corner of Compton and Kingston roads – and alongside a brand-new Bunnings store – the centre benefits from a high-profile position in a high growth catchment between Brisbane and the Gold Coast.
CBRE’s Joe Tynan, Peter Rossi, Michael Hedger and Nick Willis negotiated the sale of the property, which was secured on a 7.85% return. The vendor was a private investor based in south-east Queensland.
Mr Tynan said the property’s high profile position and attractive tenancy profile underpinned widespread buyer interest.
“The sale process was a competitive, high profile Expression of Interest campaign, which attracted more than 65 direct enquiries and 12 bids at close,” Mr Tynan said.
“The Underwood commercial precinct is undergoing significant change, which is helping position this area as the premier position for large format retail. Highlighting the area’s growing appeal is Bunnings’ decision to move from Kingston Road to a brand new store adjoining The Zone, and a masterplan sports facility on the adjacent corner.”
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