QICGRE sells Marsden shopping centre to new HomeCo trust for $48m

The Marsden shopping centre car park. The property occupies 5.8ha which vendor QIC Global Real Estate was considering expanding into seven years ago.

Home Consortium managed HomeCo Daily Needs REIT, which listed this week, is paying QIC Global Real Estate $48 million for shopping centre Marsden Park, south east of Brisbane.

The purchase price reflects a fully let 6.75 per cent gross yield.

Anchored by the largest Coles supermarket in the region, and with two mini-majors, six kiosks and 36 specialty shops, the single storey complex underwent a $4m makeover five years ago.

It contains 8283 square metres of lettable area, 542 car parks, many covered by sails, and a pad site.

On 5.8 hectares at 57-77 Chambers Flat Road, Marsden, the property is within a growth corridor connecting Brisbane to the Gold Coast (story continues below).

In 2013, QICGRE proposed a $60m expansion of the retail area to 23,000 sqm – adding a major, five minis and 35 smaller tenancies.

HomeCo will use debt facilities to fund its acquisition.

Colliers International’s Lachlan MacGillvray, Chris Maher and Stewart Gilchrist were the marketing agents.

QIC Global Real Estate has offloaded Queensland’s Marsden Park Shopping Centre for $48 million.

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Marc Pallisco

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