Calamvale Central sells for $10.9 million

Queensland-based property development company, Synergy Property Partners has sold Central Park Calamvale to a local investor for $10.9 million, representing a yield of 5.63%. 

Located 20km south of the Brisbane CBD, the 2,736sqm centre is fully leased to a mix of medical, allied health, beauty, office and food and beverage tenants. 

The centre sits on a 5,024sqm freehold site and comprises twelve three-bedroom residential apartments, the site has a 50m frontage to Algester Road, benefiting from exposure to the adjoining Central Park Shopping Centre.

CBRE’s Michael Hedger, Harrison Coburn and Will Carmen brokered the deal on behalf of Synergy Property Partners via an Expression of Interest campaign which generated 110 enquiries and eight formal offers. 

The same CBRE team sold the asset to the vendor in 2016 who has realised a 55% uplift. 

“We are continuing to see new entrants enter the market with five of the eight formal bids not seen previously. This demonstrates the depth of the high-net-worth private sector, who are continuing to be active in the retail and medical sector,” Mr Hedger said. 

Mr Carmen added, “Mixed-use metropolitan assets with strong fundamentals such as Central Park continue to achieve strong results as the price point is very palatable for private investors who may not be subject to the increasing cost of debt.”