Petrie Village Shopping Centre changes hands

Sydney-based property developers Evan Benjamin and Ashley Agostino of Bentino, have acquired Petrie Village Shopping Centre in a pre-market sale.

Located at 13-19 Dayboro Road in Petrie, this neighbourhood shopping centre is anchored by a 3,096 sqm full-line, high performing Woolworths Supermarket on a renewed 10-year lease to 2034 with further options to renew.

Petrie Village is positioned in a major growth corridor, 23km north of the Brisbane CBD, and benefits from significant population growth and development infrastructure upgrades within the region.

The centre is supported by many retailers and services, including Petrie Village Pharmacy, Australia Post, Petrie Bakery, and a Veterinary clinic, representing a 6.9 year WALE by income.

CBRE’s Joe Tynan and Michael Hedger were appointed to formally market the property but secured the pre-market sale with the private investors introduced by buyers agents Tas Costi and Sasha Rodriquez of Costi Cohen.

The acquisition represents a significant addition to the developers' expanding property portfolio.

Mr Tynan said, “The continued increase in construction costs is further driving buyer interest towards established retail assets, especially those underpinned by significant land value and future development potential.”

CBRE research forecasts a 6.5% p.a. average cost growth between 2026-2030, with an 18% increase over 2026-27.

“The pressure on the construction sector with rising prices will continue to restrict further supply and underpin the value of these investment opportunities given they are currently sitting well below replacement prices,” Mr Tynan added.
Tas Costi, Director of Costi Cohen noted, “This acquisition was secured pre-market on behalf of our client, reflecting the type of opportunities we continue to source for a select group of exclusive investors. Anchored by a full-line Woolworths and positioned directly adjacent to the train station, the asset combines secure non-discretionary retail income with future development potential in a high-growth catchment. When the opportunity became available, we moved quickly to secure it. Assets of this calibre rarely reach the open market, with many of our exclusive clients actively seeking neighbourhood shopping centres that offer strong fundamentals, underlying land value and long-term upside.”

The Moreton Bay precinct is forecast to deliver approximately 6,000 ongoing jobs by 2036, supported by a nearby university campus, Petrie Station and major transport infrastructure, fundamentals Mr Costi says were central to the investment strategy.

The new owners have an active management strategy centred on a major refurbishment and redevelopment retaining Woolworths as the long-term anchor tenant while enhancing the centre's presentation, tenancy mix and income profile. Architectural CGI renders have been prepared illustrating the site's future potential.

“There’s a university across the road, a train station, hospitals — the area is really expanding. Our plan is to carefully redesign the entire site in stages, retaining Woolworths as the long-term anchor throughout, with Woolworths itself as the final stage. What we’re trying to create is an asset where anyone can come to it any time of the day. This is going to be a large-scale development.”

The pair, best known for their residential development activity in Sydney’s eastern suburbs including the Dover Heights project at 93 Hardy Street with TRG, had been actively seeking a commercial investment for approximately 15 months prior to the acquisition.

The centre is situated on a 9,596 sqm site under a district centre zoning classification, providing the purchaser with significant development upside including a 300 sqm GLA retail specialty expansion (STCA).

Land-rich retail centres with genuine redevelopment upside and non-discretionary income underpinnings remain among the most tightly contested assets in the South East Queensland market, with limited off-market supply and strong buyer depth from both domestic and offshore capital.

The City of Moreton Bay is experiencing notable population growth with projections indicating an increase from 510,104 in 2023 to circa 690,000 by 2041, meaning an additional 210,000 residents over the next 20 years.