Mintus acquires Underwood Marketplace for $62.5 million

Mintus has acquired Underwood Marketplace for $62.5 million following a highly competitive campaign, highlighting the strong underlying fundamentals and investor appetite in the sub-regional investment sector.

CBRE’s Queensland State Directors Michael Hedger and Joe Tynan, managed the campaign and noted the asset attracted strong interest from a broad range of institutional, syndicates and private investors, drawn to its dominant trade area position, significant landholding and future repositioning potential.

Mr Hedger said, “This campaign demonstrated the pent-up demand we are seeing in the sub regional sector given the low volume of supply offered to the market particularly from Institutional and UHNW capital with 11 bids received after fielding 132 enquiries at the close of the campaign.”

Mintus Director - Retail and Residential, Ben Stewart said, “Mintus has exciting plans for Underwood Marketplace, including a centre refurbishment and a strategic leasing program aimed at enhancing the customer experience and further strengthening the asset's position within the trade area while also complementing our other sub- regional asset located in Beenleigh.”

Located 16 kms south of the Brisbane CBD at 3215 Logan Road, Underwood Marketplace spans 13,828sqm of GLA and occupies a prominent 4.08-hectare site.

The centre is anchored by Woolworths and Big W which occupy 70% of the GLA with the balance made up of 50 specialty tenancies including Priceline Pharmacy, Coffee Club, Dominos and Australia Post. 
 
Mr Hedger added, “We continue to see demand in Queensland for sub regional assets given the strong population growth story and limited supply with Underwood Marketplace marking the 4th sale CBRE have transacted in the last 12 months totaling $256.8 over 4 assets including Whitsunday Plaza and Gympie Central”

Mr Tynan noted the sale demonstrated the continued depth of demand for well-established sub regional assets in a tightly held sector. The investor demand and appetite for these assets continue to be strong given the underlying investment fundamentals including the non-discretionary focus, genuine growth profile and potential for immediate and genuine value-add opportunities.”