Brisbane

New zone for Clarence Property following $31.25m retail injection

A prominent large format centre positioned between Brisbane the Gold Coast has changed hands for $31.25 million.

09 May 2018

A prominent large format centre positioned between Brisbane the Gold Coast has changed hands for $31.25 million. 

Westlawn Property Trust – a fund managed by Clarence Property – purchased The Zone Underwood – an 11,067sqm large format retail complex comprising four separate buildings on a 2.85ha site. 

Commencing trade in 2005, the modern centre is anchored by major national retailers including Officeworks, Best Friends Pet Store, Rebel Sports and Good Price Pharmacy. There are a further three national mini-majors and 12 specialty tenancies, including Subway and the Cheesecake Shop. 

Located on the corner of Compton and Kingston roads - and alongside a brand-new Bunnings store – the centre benefits from a high-profile position in a high growth catchment between Brisbane and the Gold Coast. 

CBRE’s Joe Tynan, Peter Rossi, Michael Hedger and Nick Willis negotiated the sale of the property, which was secured on a 7.85% return. The vendor was a private investor based in south-east Queensland. 

Mr Tynan said the property’s high-profile position and attractive tenancy profile underpinned widespread buyer interest. 

“The sale process was a competitive, high profile Expression of Interest campaign, which attracted more than 65 direct enquiries and 12 bids at close,” Mr Tynan said. 

“The Underwood commercial precinct is undergoing significant change, which is helping position this area as the premier position for large format retail. Highlighting the area’s growing appeal is Bunnings’ decision to move from Kingston Road to a brand new store adjoining The Zone, and a masterplan sports facility on the adjacent corner.” 
 
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CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.