The sale of a large format retail centre anchored by a strong line-up of medical tenants in Brisbane’s south-east is expected to attract strong investment interest.
CBRE has been appointed to market The Zone – a 11,067sqm modern single level large format retail centre, consisting of four separate buildings in the suburb of Underwood. The centre commenced trade in 2005.
The centre, which benefits from a prominent position on the corner of Compton and Kingston roads, boasts a strong tenancy mix, comprising mostly medical and national retailers. Tenants include Officeworks, Best Friends, Amart Sports, Good Price Pharmacy, Good Health Medical Centre, Exact Radiology and Fernwood Fitness.
CBRE’s Peter Rossi, Joe Tynan, Michael Hedger and Nick Willis have been appointed to steer the sales campaign on behalf of a Queensland-based developer/retail investor.
Mr Tynan said the property’s tenancy mix combined with its 28,100sqm high profile site would underpin strong buyer interest.
“With a tenancy mix consisting of 75% medical and national retailers, The Zone represents an outstanding opportunity to acquire an asset with a diverse spread of income,” Mr Tynan said.
“Bunnings’ decision to also shift from its Kingston Road store to a brand new store next to Zone Underwood on Compton Road, will further cement this intersection as being the area’s large format retail hotspot.”
Mr Hedger said the centre benefitted from a convenient design with four separate buildings and an internalised central car park.
“This is a major drawcard that is seen by the market as essential to ensure the centre’s ongoing success,” Mr Hedger said.
“Furthermore, its position on one of Logan’s busiest intersections, with exposure to approximately 11 million vehicles per annum, will be a major attraction. With significant infrastructure upgrades proposed in the Logan area, including the $512 million Logan Enhancement Project, visibility and access to the centre will be greatly enhanced.”
“The average rent across the centre is below market, offering additional rent reversion potential,” he added.
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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.
