Ipswich shopping centre trades for $24m
A neighbourhood shopping centre in south east Queensland’s booming Ipswich corridor has sold.
Winston Glades Shopping Centre at Flinders View collected $23.75 million following an expressions-of-interest campaign which closed in April.
The result reflects a 7.7 per cent initial yield.
The fully-let market return is 8.1pc.
The property includes two pad sites.
Flinders View is about 10 kilometres south-east of Ipswich.
It is 40km south-west of Brisbane’s CBD.
Winston Glades Shopping Centre
The 5113 square metre Winston Glades Shopping Centre occupies 2.59 hectares at 259 Ash Street, about a kilometre from Ripley Road.
Anchored by Drakes Supermarket – with a 2461 sqm tenancy – other major occupiers include TerryWhite Chemmart, Pizza Hut and QML Pathology (continues below).
Occupancy is 99pc.
About 70pc of the gross lettable area is dedicated to non-discretionary retail, JLL agents Jacob Swan, Ned McKendry and Liam Cox said.
The weighted average lease expiry by income is 4.8 years.
The pad sites could accommodate tyre and auto and quick service restaurant product; the site is passed by c14,950 vehicles a day.
The investment also offers an expenditure growth profile – total retail expenditure forecast to rise at 6.3pc per annum from $816m to $2.9 billion by 2046, according to the agents.
Kelly Consolidated was the seller. GPG is the buyer.
Also this week realestatesource.com.au reported Singapore sovereign wealth fund GIC bought a controlling stake in Ipswich’s Springfield Fair – about 10km north-west of Flinders View.
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