The $10.62 million sale of a low maintenance freehold retail and medical premium investment on a 6,600 square metre site in Springfield, shows demand for these assets is still strong.
With strong engagement from private, offshore and institutional groups, an interstate private investor was the successful purchaser.
The investment was anchored by national tenants was transacted on behalf of a local private investor by Colliers Queensland agents, Hunter Higgins and Sam Polichronis.
Located in the fastest growing region in Australia and offering a reliable income source, 22 Commercial Drive Springfield offered a secure and diverse investment opportunity.
Colliers Queensland national director of investment services, Hunter Higgins said this freehold retail and medical complex was located in an established business precinct that was 82% listed to national tenants such as Tradelink, Bridgestone and Vinnies, as well as Steller Medical.
“Underpinned by a strong WALE of 4.9 years, there was no shortage of security and diversity in this investment, hence we saw a lot of market interest. Metro convenience retail centres underpinned by long WALE and national covenants remain highly sought after by local and interstate private investors. This is a low maintenance investment with only 4 tenants and over 80% of the income underpinned by national tenants,” Higgins said.
Colliers Queensland executive of investment services, Sam Polichronis said strategically located in Brisbane’s booming southwest growth corridor, 23 kilometres by road southwest of the Brisbane CBD this was a great opportunity.
“A rare combination of premium covenants in one of Queensland’s fastest developing growth corridors offered a great opportunity for investors,” Polichronis said.
“The site is primely situated in the commercial hub of Springfield, neighbouring major master planned developments offering stable future growth. The property is positioned off the Centenary Highway within the retail precinct of Springfield, walking distance from Springfield Fair Shopping Centre, Hungry Jacks, McDonald’s, Reece Plumbing, Springfield Tavern, Coles and 7-Eleven.
“The asset is further strengthened by its locality to Springfield train station and Woodcrest State College. The growth of Springfield is underpinned by one of Australia’s largest master planned community developments. Spearheading the development are powerhouses such as Springfield City Group, Sekisui House, Lend Lease and Mirvac, providing over 2,800 hectares of planned communities.