Dexus’ Beenleigh Marketplace shopping centre fetches $85 million

FMCG Dexus' Beenleigh Marketplace shopping centre fetches $85 million
(Source: Beenleigh)

Property investment and development firm Mintus has acquired Brisbane’s Beenleigh Marketplace for $85 million.

Simon Rooney, head of retail capital markets, CBRE (commercial real estate services), negotiated the off-market sale of the centre on behalf of Dexus following the recent purchase of Shepparton Marketplace in Victoria for $88.1 million.

Rooney said investors were attracted by the centre’s combined sales performance and the income security of its major tenants – Woolworths and Big W – together with the centre’s robust specialty productivity of $8753 per sqm and occupancy cost of 12.5 per cent below the relevant industry benchmark. 

Located approximately 32km southeast of the Brisbane CBD, Beenleigh Marketplace is the focal point of the Beenleigh Town Centre – a central community, commercial and retail destination.

The 20,252sqm centre occupies a 56,290sqm site alongside an adjoining office building and ancillary land, totalling 4390sqm.

“The transaction demonstrates the continued demand for quality, metropolitan sub-regional assets with a focus on non-discretionary spending,” said Rooney.  “There is particularly strong interest in assets which offer strategic value-add opportunities.”

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