Soda Factory sells off-market for $42 million

The Soda Factory in Brisbane’s West End has been sold by the listed Region Group for $42 million, representing a premium to book value.

CBRE’s Joe Tynan and Michael Hedger negotiated the sale to a HNW private investor.

“We have been working with this investor for some time and identified the Soda Factory as a target asset. Through a direct approach to the vendor, we were able to negotiate and achieve a strong result,” Mr Tynan said.

“Through a number of on-market processes that CBRE has conducted over the past 12 months, we are dealing with the most active capital on a daily basis, and as a result we are able to successfully identify and place these groups into future opportunities on and off-market.”

The Soda Factory has a rich history spanning back 100 years and was originally used as a soda and bottling facility – something the previous developer paid homage to.

Anchored by a strong performing Coles Supermarket and further supported by 21 additional retailers with a focus on food and beverage and allied health retailers, the centre is located in a strategic location approximately 1.5km from the Brisbane CBD.

Positioned on an expansive, circa 1ha inner city corner allotment with significant underlying land value, it benefits from its location in the West End, an area which is continuing to evolve as a lifestyle destination

The property is the closest neighbourhood shopping centre to the Brisbane CBD that has sold in the past 5 years. 

The buyer, an awarded commercial and residential group, is highly active in the market and has a deep connection to the West End precinct.

Mr Tynan said, “CBRE has been working closely with the buyer for the past 12 months on multiple investment opportunities and it was our extensive relationship and understanding of their current mandates that allowed us to identify the Soda Factory as a perfect fit.”