Parkinson Plaza sold to Victorian investor for $17.5 million

Brisbane’s Parkinson Plaza shopping centre has been acquired by a Victoria-based investor for $17.5 million.

The neighbourhood shopping centre in Brisbane’s south is located at the busy roundabout intersection of Algester and Nottingham roads, 20km south of the Brisbane CBD.

CBRE’s Michael Hedger, Joe Tynan and Peter Rossi negotiated the sale, which reflected an initial yield of 6.79 per cent.

According to Tynan, the new purchaser was attracted to the established catchment and underlying land value of the centre, which occupies an expansive 2.11 hectare site, allowing for future development and repositioning opportunities.

The property, which was developed in 2002, is anchored by a 3203sqm Drakes Supermarket, which represents 68 per cent of the centre’s GLA. The recently upgraded supermarket has just renewed its lease up to 2022.

The centre also includes 14 specialty stores and provides the only supermarket offering in Parkinson’s growing Primary Trade Area.

Tong said the sale provided the latest evidence that local and international buyers were increasingly looking outside of their state and country borders for investment opportunities.

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