Mintus buys Brisbane shopping centre for $62.5m
Mintus has snapped up a south Brisbane shopping centre on 4.1 hectares.
The private investment firm is paying $62.5 million for Underwood Marketplace.
Seller, China-backed Risun Group, outlaid $51m in 2009.
The centre was then two years old.
Underwood is 16 kilometres from the CBD.
The deal comes four years since realestatesource.com.au reported Mintus bought Beenleigh Marketplace, about 18km south of Underwood.
That seller was Dexus.
The outlay was $85m.
In 2023, Mintus, led by Mel Hazzouri, whose brother, Charbel, co-controls Revelop with their cousin (Anthony El Hazouri), bought a shopping centre in Sydney’s Parramatta, where it is headquartered (continues below).
The year earlier, it snapped up another in that city’s Ashfield.
Revamp planned
With 13,930 square metres, Underwood Marketplace at 3215 Logan Road, Underwood, is anchored by Woolworths and Big W, with a combined 69 per cent.
There are also 47 specialty stores, eight kiosks and c860 car parks across at-grade and basement parking.
It was earning $4.65m per annum when it last traded (Risun bought it on a high 9.2pc yield).
“Mintus has exciting plans for Underwood Marketplace including a centre refurbishment and a strategic leasing program aimed at enhancing the customer experience and further strengthening the asset’s position within the trade area while also complementing our other sub-regional assets located in Beenleigh,” Mintus director, Ben Stewart, said.
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