NATGEN Group has paid $10.1 million for a convenience retail investment in Brisbane’s south west Goodna.
The Rededge Shopping Centre, on 5702 square metres at the north east corner of Queen and Albert streets, is setting the local syndicate back $10.1 million.
Anchored by IGA, it contains eight specialty stores – tenanted to non-discretionary groups including a medical centre and pharmacy.
The purchase price reflects a circa six per cent yield.
“The centre represented an excellent opportunity to continue our acquisition strategy, focused on income risk mitigation through investment in consumer staples, medical services and food-based assets,” NATGEN managing director Steven Goakes said (story continues below).
Savills’ Michael Harcourt and Jon Tyson brokered the off-market deal.
Six years ago, the same agents sold the city’s Rededge Redland Bay Shopping Centre to a Gold Coast private investor for $14.05m.
That seller was Parmac Property Group.
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