Property firm buys St Ives Shopping Centre for over $30m
The centre features a Woolworth Supermarket and 49 specialty tenants, with fast food outlets including Domino’s, Red Rooster and Subway. The centre occupies a 38,200sq m with parking for over 500 cars.
The combined sites total over 6.25 hectares, situated alongside the Ipswich Motorway in Brisbane’s western growth corridor. The Woolworths Supermarket is the only full line supermarket in an expansive trade area.
The centre plus the six adjacent properties were transacted by Peter Tyson and Jon Tyson of Savills, in conjunction with Shane Sax of Pace Property.
“The centre attracted strong interest from the market,” said Jon Tyson.
“The sale was well contested resulting in multiple bids, primarily from private investors,” he said.
The main centre was marketed with six adjoining properties included an 11 shop strip retail centre, two freestanding commercial buildings, two vacant mixed use development sites and a vacant house, each on separate titles.
“The centre has been tightly held with the transaction following over two decades of ownership by the same group,” said Peter Tyson.
“Buyers were attracted to the value-add potential of the large scale land holding, which featured significant embedded real estate value and a flexible “Major Centres” zoning which allows for mixed use development up to 12 storeys,” Peter Tyson said.
Mel Hazzouri, director at Mintus said the centre and its land holding was the perfect fit for their portfolio.
“The centre allows for plenty of value add and redevelopment for the future. We look forward to significantly adding value in the short term, working with the retailers and the community to bring St Ives back to its full potential,” Hazzouri said.
“The market is showing ongoing demand in early 2018, with tighter stock levels expected to ensure competition from cashed up investors and drive momentum well into the New Year,” said Jon Tyson.
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