The recent sale of an Ipswich neighbourhood shopping centre has tipped total transactions in Queensland regional shopping centres over the $100 million mark as 2018 rolls into March.
Sydney-based Mintus purchased the St Ives Shopping Centre for $30.45 million as part of an overall investment package which also included six adjacent properties.
The additional sites included an 11 shop strip retail centre, two freestanding commercial buildings, two vacant mixed use development sites and a vacant house, each on separate titles.
St Ives Shopping Centre is anchored by a Woolworth Supermarket and occupies 38,200 square metres with parking for over 500 cars.
Savills Australia’s Peter Tyson said that the St Ives Shopping Centre and the adjoining holdings were amalgamated over many years.
"Buyers were attracted to the value-add potential of the large-scale land holding which featured significant embedded real estate value and a flexible "Major Centres" zoning which allows for mixed-use development up to 12-storeys.”
Related reading: Urban Farm Creates Much-Needed Retail ‘Customer Experience’
Despite it still being early days in 2018 for the market, Queensland has seen a number of high-level investments in regional shopping centres, illustrating a demand in the sector for assets and land.
In February, Marketplace Deagon Shopping Centre was sold to a Chinese investor for $23.3 million on a net yield of 6.95 per cent and in the same month, AM Australia Retail Property Fund acquired the Springfield Fair neighbourhood shopping centre from Charter Hall Retail REIT for $23.5 million on a yield of 7.05 per cent.
North of Queensland’s Sunshine Coast, $12.85 changes hands when Brisbane-based Altor Capital purchased the Cooloola Cove Shopping Centre from a Sydney investor.
In January, retail asset Ipswich Homebase was listed as part of an inter-state retail portfolio in 2017 and sold this year as part of said portfolio for a collective $89.05 million.