A local private Brisbane family has purchased a brand new IGA Yarrabilba convenience centre for $8.95 million.
Located in Logan Village, the recently completed property comprises IGA as the anchor tenant along with eight specialty shops and a kiosk. It sits on an 8,257sqm land area with a 5,346sqm lettable area.
CBRE’s Michael Hedger and Joe Tynan sold the property on behalf of YRC Holdings Pty Ltd, a local syndicate that look to develop convenience based centres throughout South East Queensland.
Mr Hedger said they introduced the property to the eventual purchaser prior to bringing it to market.
“The purchaser was drawn to the brand new centre due to its significant depreciation benefits, the diverse tenancy mix including strong performing food & beverage operators and the fact that it is at the entrance of one of Australia’s fastest growing residential precincts,” Mr Hedger said.
“We are continuing to see small syndicates and private high net worth individuals seeking out IGA based investment opportunities that offer a high level of convenience and certain income growth,”
“There have been multiple sales of IGA based centres this year all at yields reflecting 6.5% to 7% which demonstrates yield compression of at least 100bpt in the last 18 months,” Mr Hedger concluded.
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