Arcana Capital, a syndicator chaired by former Queensland premier Campbell Newman, has sold a small mall north of Brisbane after five years.
The Bribie Retail Centre at 5-7 Fortune Avenue, Bongaree, is trading for $9 million, reflecting a 5.49 per cent yield.
Arcana outlaid $7.3m.
Savills’ Jon Tyson and Michael Harcourt were the agents.
Bribie Retail Centre
On 5916 square metres, the Bribie Retail Centre contains 1567 sqm, anchored to SupaCheap Auto, Prices Plus and Domino’s Pizza; it is adjacent to a Woolworths anchored shopping centre (story continues below).
The asset delivered annual nine per cent returns, Mr Newman said.
“Opportunities like this with big name national tenants always attract keen interest and have been quite rare at this price point,” Mr Tyson added.
Listed and unlisted trusts looked in, according to the agent.
Bribie Island is about 50 kilometres north of Brisbane.
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