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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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
