New LFR centre fetches $34m
POD Developments has sold a recently completed large-format retail centre in Brisbane’s south west for $33.85 million.
Richlands Home & Life curried favour with a Sydney-based investor.
The result reflects a 5.8 per cent net passing yield.
Colliers’ Harry Dever and James Wilson were the agents.
Richlands Home & Life
Covering 1.96 hectares across 215 Government Road and 20 Garden Rd, Richlands Home & Life contains 5594 square metres and 192 car parks.
Autobarn, Banjo’s Bakery, Petbarn and Supercheap Auto are amongst the occupiers.
Last year realestatesource.com.au reported Vinnie’s took six tenancies.
Also with a Caltex service station, the fully let asset returns $2.1m annual net rent.
The weighted average lease expiry is 8.6 years by income (continues below).
Securely leased
Leases at Richlands Home & Life contain annual rent reviews ranging from CPI to fixed increases between 3-3.5pc.
The site is passed by more than 30,000 vehicles a day.
Part of a broader commercial precinct spanning four hectares, it is also 250 metres from Richlands train station.
The deal comes 18 months since realestatesource.com.au reported POD Developments sold a convenience retail investment across the road, with a KFC and car wash.
On 1.58ha, known as Richlands Marketplace, it collected $17.25m.
Mr Dever and Mr Wilson brokered that deal too.
Richlands is 21 kilometres from town.
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