Sydney and Melbourne investors are casting their sights to Queensland’s retail investment market, with the $10.5 million sale of a retail asset in the Ormeau Town Centre, the latest property to be scooped up by an east coast buyer.
Located between Brisbane and the Gold Coast, the property at 19 Peachey Road forms part of the Ormeau Town Centre, comprising a two level retail complex anchored by a Woolworths Plus petrol station.
Totaling 1,518sqm, the two level retail centre is tenanted by a range of food and beverage, medical and commercial tenants transacting at a rate of circa $6,900per sqm of building area.
CBRE’s Nick Willis and Michael Hedger negotiated the sale.
“The sale reaffirms the increase in interstate investment and, in particular, the penetration of southern capital into Queensland’s retail investment market,” Mr Willis said.
“We are seeing a number of Melbourne and Sydney based private investors and syndicates actively seeking to grow their property portfolios along the eastern seaboard, with a specific focus on south east Queensland.”
Mr Hedger said the property’s location between south east Queensland’s major metropolitan centres was a key factor underpinning the deal.
“The purchaser was keen to secure a presence in this growing area, which will inevitably capitalise on the continued strengthening of the south east catchment,” Mr Hedger said.
