Mixed-use commercial Brisbane investment sells on 8pc yield

IGA anchored the complex when it was developed in 2019.

A modern supermarket and office backed by several healthcare operators, in the south east Brisbane growth corridor suburb of of Rochedale, has traded between Asia-based investors.

The Rochedale asset contains a medical centre and dentist.

Rochedale Central on 5682 square metres at 11 Lorisch Way, at the north west corner of Gardner Road, fetched $11.49 million following an expressions of interest closing September.

The vendor outlaid $13.5m in 2019.

That seller, Silverstone, developed the complex the year earlier.

Rochedale Central

With 1757 square metres over two levels, Rochedale Central is anchored to an Asian supermarket (this space was formerly an IGA and BWS).

Also with a medical centre, dentist and restaurant precinct, the weighted average lease expiry by income is 4.5 years (story continues below)

Were it fully-let (vacancy is six per cent), the result would reflect an eight per cent net yield.

JLL’s Ned McKendry, Jacob Swan and Liam Cox represented the vendor which acquired it on a 7.1pc return.

In a municipality forecast to record population growth over 10pc each of the next 10 years (adding  some 20,000 people) – Rochedale is 13 kilometres from the CBD.

Coles completed a supermarket there, part of a complex, Rochedale Village, in 2019.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.