A two-level retail and professional complex in the inner Brisbane suburb of Bardon has been purchased by a local private investor for $8.85 million.
Bardon Central was transacted by Jon Tyson and Michael Harcourt of Savills Retail Investments following a recent public Expressions of Interest campaign, which fielded strong buyer enquiry and attracted offers from multiple purchaser groups.
Mr Tyson said the sale was struck in late March and pricing reflected a passing yield of 6.9%, which is in line with pre-Covid levels.
“Bardon Central generated strong interest throughout the sale campaign and notwithstanding the uncertainties associated with COVID-19, most buyers took a pragmatic view and focussed on the underlying opportunity to purchase an income asset with strong fundamentals,” Mr Tyson said.
Mr Tyson said the buyer was attracted to the centre’s broad mix of food and service tenants and its prominent location in an established and affluent part of inner Brisbane.
The complex comprises a two-level building totally 1,146sq m GLA comprising ground floor retail tenancies, including a friendly grocer convenience store, baker, hairdresser and others, with first floor professional tenants. The site area is 2,208sq m and the complex featured basement parking for 56 cars.
Mr Harcourt said “We continue to experience strong demand for well-positioned retail and convenience centres. Particularly those with a diverse tenant mix weighted towards non-discretionary retail and essential services.”