A local investor has paid $8.85 million for the mixed-use Bardon Central in Brisbane’s inner-north west.
The price reflects a 6.96 per cent market yield – “which is in line with pre-COVID19 levels” according to the selling agency.
With two levels over a 56-bay basement car park, the 1146 sqm asset has repositioning and redevelopment potential. It contains ground floor retail tenanted to, amongst others, a bakery, bistro and wine bar, day spa, financial planner, grocery store, hairdresser, physiotherapist and pizza shop, Upstairs is configured with office suites.
Bardon, about five kilometres from the city’s Queen Street Mall, is an affluent suburb with a median income 80pc higher than the Queensland average.
Bardon Central was advertised as having the potential to return a fully let annual income of $616,290.
The block spreads 2208 sqm at 60-62 Macgregor Terrace – a thoroughfare linking Ashgrove, Auchenflower, Paddington, The Gap and Toowong.
Multiple buyers were pragmatic about COVID-19 uncertainties: agents
Multiple purchaser groups showed an interest according to the marketing agents.
“Bardon Central generated strong interest throughout the sale campaign and not withstanding the uncertainties associated with COVID-19, most buyers took a pragmatic view and focused on the underlying opportunity to purchase an income asset with strong fundamentals,” Savills’ Jon Tyson said. “The buyer was attracted to the centre’s broad mix of food and service tenants and its prominent location in an established an affluent part of inner Brisbane”.
Colleague Michael Harcourt added the agency is “continuing to experience strong demand for retail and convenience investment particularly those with a diverse tenant mix weighted towards non-discretionary retail and essential services”.