Brisbane convenience retail deal suffers two hits
A small suburban Brisbane convenience retail investment has sold for a $50,000 drop on what it cost six years ago.
The $5.4 million result for Enoggera Village (pictured, top) is also a $450,000 discount on the asking price when it was offered earlier this year.
The transaction reflects a 6.8 per cent net market yield.
Burgess Rawson’s Josh Scapolan and Andrew Havig brokered the off-market deal.
The property was publicly listed earlier this year via Colliers.
Enoggera Village
On 2691 square metres at 318 Wardell Street, on the north west corner of Audrey, Enoggera Village is passed by 30,000 vehicles a day (story continues below).
Six tenants occupy the 658 sqm improvement which carries depreciation benefits.
Anchor NightOwl Convenience has two years left on its lease.
With 29 car parks, the asset also offers an above average car park ratio (1:23 sqm).
Enoggera, home to the Department of Defence’s Gallipoli Barracks, is seven kilometres north west of town.
The deal comes three years since Aviator Capital sold the Highpoint Wellness Hub at nearby Ashgrove to Elanor Investors Group for $51.9m – a significant rise on its $33.5m outlay in 2017.
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