A private investor has acquired Brisbane’s Park Ridge Town Centre for $86 million, highlighting the ongoing “appeal” of assets underwritten by non-discretionary retail.
The centre spans 14,300sqm, is anchored by Woolworths and Coles supermarkets and accommodates 31 specialty tenancies, including KFC and Ampol.
The development was acquired by Perth-based private investors RG Property in 2012 which undertook a major extension to include fuel pad sites, fast food outlets and added a supermarket.
An RG Property spokesperson said the centre will be able to deliver “robust cash flows as well as strong capital growth over the life” of this investment.
Savills Australia’s national directors Peter Tyson and Steven Lerche, who brokered the deal, said the centre attracted enquiries from a wide buyer pool including local, interstate and offshore investors.
“The buyer was attracted by the centre’s dominance and strategic location in a major residential growth corridor, with 55 per cent of its income stream underpinned by Woolworths and Coles,” said Lerche.
