A shopping center anchored by Woolworths in Logan City, Queensland, has been acquired by an Asian investor for $38.25 million. The newly developed Woolworths Cornubia, located between Brisbane and the Gold Coast, attracted the investor’s interest, resulting in a net yield of 6 percent.
The deal, brokered by CBRE’s Peter Rossi and Michael Hedger, signifies a trend of investors seeking quality retail assets in the current market conditions. New retail developments like Coles and Woolworths centers are proving to be attractive investments, achieving tight yields of 6% or better.
The Logan City property includes a neighborhood shopping center and a medical/professional center, with Woolworths as the main tenant. The acquisition was made by an investor already active in Brisbane’s retail sector, indicating confidence in the city’s commercial real estate market.
This transaction follows the sale of another Woolworths center in Everton Park, Queensland, to Singaporean real estate investors for $70 million. The consistent interest in Woolworths-anchored properties highlights the strength of the retail market in South East Queensland.
Meanwhile, a Woolworths-anchored shopping center in Banyo, Brisbane, is set to test the market’s appetite for retail assets. The center, developed by building company Adco on a 20-year lease to Woolworths, is now up for sale through CBRE’s Joe Tynan and Justin Dowers, offering a net annual rental income of approximately $2.07 million.
These developments reflect the ongoing activity in Queensland’s retail sector, with investors and developers capitalizing on the demand for quality commercial properties. The strategic locations of these shopping centers, anchored by major retailers like Woolworths, further enhance their appeal to investors seeking stable returns.
As Queensland continues to attract investment in its retail market, the success of these recent transactions underscores the resilience and attractiveness of the state’s commercial real estate sector. With strong interest from both local and international investors, Queensland’s shopping center developments are shaping up to be lucrative opportunities in the property market.
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