Synergy divests Central Park
Developer Synergy Property Partners has sold an essential services backed commercial investment attached to a 12 unit apartment complex.
Central Park Calamvale, 20 kilometres south of Brisbane’s CBD, traded to a local for $10.9 million – a 5.63 per cent yield.
The 2736 square metres of office, retail and medical centre space, and 12 three bedroom dwellings, are fully leased.
Rents however, according to CBRE’s Michael Hedger, who marketed the investment with Harrison Coburn and Will Carman, are largely below market rates.
There are also 55 car parks.
Development upside
On land recently rezoned Neighbourhood Centre, the 5024 sqm block, next to Calamvale Central, was marketed for its significant development upside (story continues below).
Eight offers were received, five from new players, Mr Hedger said.
“This demonstrates the depth of the high-net-worth private sector, who are continuing to be active in the retail and medical centre,” he added.
The result is a 55pc premium on what Synergy paid in 2016, according to the executive.
The deal comes 11 years since YFG Shopping Centres outlaid $62m for Calamvale Central, abutting Central Park.
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