Waterford West medical, retail centre sells again

The 50 Market Place complex at 50 Chambers Flat Road, Waterford West.

A Waterford West medical and retail complex has sold to a private investor for the second time in three years.

Branded 50 Market Place, the 1286 square metre centre at 50 Chambers Flat Road traded this time around for $9.415 million reflecting a 6.09 per cent net passing yield.

The vendor outlaid c$7.9m in 2019.

It was repainted last year.

“50 Market Place presented an excellent opportunity to the investor market to secure a modern asset with around 45pc of the lettable area leased to medial related tenants,” Savills Jon Tyson, who marketed the investment with Michael Harcourt, said.

50 Market Place

The 50 Market Place property contains 13 tenancies over two floors and 70 car parks (story continues below).

“The property occupies a high profile, left hand homebound location on Chambers Flat Rd, opposite the HomeCo Marsden Park shopping centre,” Mr Harcourt said.

“We generated a lot of interest from local and interstate buyers due to the dynamic tenancy mix which incorporates a range of medical and health services,” he added.

“Assets with a strong weighting of essential service tenants attract a depth of capital due to their reliability and resilience in the face of macro-economic uncertainty,’ according to the agent.

Elsewhere in the suburb, about 27 kilometres south of Brisbane, the Club Hotel and a neighbouring First Choice Liquor outlet at the north east corner of Loganlea and Kingston roads traded to Charter Hall for $22m in 2018.

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Marc Pallisco

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