East Brisbane Marketplace sells for $16.25 million

Sydney-based investment group Maker Invest has purchased the IGA-anchored East Brisbane Marketplace for $16.25 million.

CBRE’s Michael Hedger and Joe Tynan brokered the deal with the sale reflecting a 6.21% yield.

The Seasons IGA Supermarket occupies more than 70% of the centre’s gross lettable area alongside national retailers including BWS and Chempro Pharmacy. East Brisbane Marketplace is in a high-profile location on Brisbane’s CBD fringe along Lytton Road, the main thoroughfare connecting the eastern suburbs to the CBD, with direct access over the Story Bridge.

Mr Hedger said, “We had been working with Maker Invest on off-market opportunities prior to East Brisbane Marketplace coming to market, however they were instantly drawn to the asset given its prime location and being very familiar with the trade area having grown up nearby.”

Mr Hedger said the expression of interest campaign was strongly contested and received more than 100 enquiries with seven competitive offers presented. The sale of the 2,019sqm property is the largest IGA anchored transaction in Queensland since 2022 and is Maker Invest’s first acquisition into the neighbourhood sector.

Mr Tynan said, “Inner-city retail assets such as East Brisbane Marketplace are rarely offered formally to market, particularly volumetric holdings like this in prime locations offering entry level investment opportunities to the deep pool of active private investors in the market at present.”