Asset manager sells St Lucia Marketplace
Trident Funds Management has sold St Lucia Marketplace – its first retail investment – after just over five and a half years.
Part of retail strip, the IGA anchored complex, 224 and 242 Hawken Drive, at the north west corner of Boomerang Road, traded off-market.
The $18.014 million result reflects a 5.25 per cent net passing yield.
It is also a windfall on the $15m it paid in January, 2020 – just before the country went into lockdown.
That seller, Marquette Properties, on behalf of a syndicate, acquired it new in 2016 for $10.2m.
CBRE’s Joe Tynan, Harrison Coburn and Mikaela O’Farrell with JLL’s Nick McKendry and Liam Cox were the agents.
On 3033 square metres, the asset contains two adjoining buildings with 1960 sqm, also with 11 specialty tenancies, most exposed to the street.
St Lucia is five kilometres south west of Brisbane’s CBD.
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