The Rededge Redland Bay Shopping Centre on Brisbane’s bayside has sold for $14.05 million.
The property was purchased by a Gold Coast-based private investor in a sale negotiated by Jon Tyson and Michael Harcourt of Savills, on behalf of Parmac Property Group which developed the centre in 2008.
Set on a 5,171 sqm site on the corner of Cypress Street and School of Arts Road at Redland Bay, the centre benefits from high profile exposure and access to the area’s main arterial Cleveland-Redland Bay Road.
It is prominently positioned as a modern convenience shopping centre in the growing bayside suburb of Redland Bay, approximately 31km south-east of the Brisbane CBD.
The two-level centre has a net lettable floor area of 2,688 sqm and is anchored by an IGA Supermarket as well as 22 speciality tenancies incorporating a mix of complimentary uses, including a medical centre, chemist, dentist, bottleshop, bakery, hairdresser, newsagent, pizza shop, Jetts fitness centre, seafood takeaway and a range of other food retailers and service tenants plus two ATMs.
The centre also has car parking at grade and on the ground and basement levels for 123 vehicles.
Jon Tyson said the sale of the Rededge Redland Bay Shopping Centre continues the strong run of convenience shopping centre sales in the suburban Brisbane market.
“Convenience-based centres in high profile locations with main road exposure and easy access and parking are one of the best performing sectors of the buoyant retail investment market.
In particular, well-established centres with a popular supermarket offering and quality mix of supporting tenants are very highly sought after by investors,” he said.
The off-market sale of Rededge Redland Bay Shopping Centre is the latest in a number of other IGA anchored convenience centre transactions by Savills including the Riverlakes Village Shopping Centre at Loganholme for $11.5 million, Burnside Village at Nambour for $6.2 million and IGA Boondall for $3.39 million.
Michael Harcourt said Savills had received multiple offers to purchase the Redland Bay centre from a mix of mostly private investors and syndicators.