A convenience centre situated in Narangba in Brisbane’s northern growth corridor, has sold to a local private investor for $4.2 million.
A convenience centre situated in Narangba in Brisbane’s northern growth corridor, has sold to a local private investor for $4.2 million.
Anchored by a Red Rooster branded drive-through restaurant, the fully leased 545sq m* centre is located 34 kilometres* north of the Brisbane CBD and is home to a vibrant mix of food and service tenancies including Stellarossa, Fruition Tuition and a dental clinic.
The property was sold by Jon Tyson and Michael Harcourt of Savills, following an Expressions of Interest campaign which generated more than 200 enquiries.
Savills Director of Retail Investments in Queensland, Jon Tyson, said investor interest in the centre was strong due to its attractive tenant mix and high exposure location adjoining a Woolworths anchored shopping centre and the Narangba Valley Tavern.
“The Centre is located in the retail and commercial hub of Narangba and features a vibrant tenant mix with fixed rental increases of between 3% and 4% per annum across all tenancies,” Mr Tyson said.
Mr Harcourt said “The Narangba-Burpengary catchment is becoming increasingly popular with young families and is predicted to grow by over 40%* to over 41,000* residents by 2031.”
The Narangba Retail Centre has a site area of 2,983sq m* and is situated in close proximity to local amenity, including a number of schools, an early learning centre, and multiple train stations.
This transaction represents the second time Savills has sold the convenience centre, having previously sold the property to the vendor in 2009 on behalf of the centre’s developer.
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