POD sells Richlands Plaza
POD Developments has found a buyer for a Woolworths anchored shopping centre listed last quarter in Brisbane’s south west.
Richlands Plaza at 503 Archerfield Road, Richlands, is speculated to be selling for about $26 million – an 8.6 per cent fully let market yield.
A syndicate from Sydney is the buyer.
The result is against a replacement cost of $64m, according to the marketing agents.
Richlands Plaza
On 2.01ha, Richlands Plaza contains 4947 square metres – 12 in the mall, six in the detached Richlands Business Centre, and a freestanding Zarraffa’s Coffee drive-through.
With options, Woolworths can stay until 2070 (continues below).
The deal comes a year since we reported POD sold the neighbouring Richlands Marketplace for $17.25m.
Colliers’ James Wilson and Harry Dever were the agents.
Richlands is about 19 kilometres from town.
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