Westbridge sells Brisbane shopping centre, Maccas
Westbridge has sold a Brisbane retail investment bought by an asset manager it absorbed in 2021 – Mair Property Funds.
Castle Hill Village at Murrumba Downs, 26 kilometres north of town, is selling for $19.7 million.
With 2778 square metres there are 16 tenancies in three buildings – including a McDonald’s with a drive through.
IGA is the anchor.
There is also a BWS and medical centre.
The 9733 sqm rectangle site, highly exposed to Dohles Rocks Road, contains 122 car parks too (continues below).
MPF paid $14.2m – a 7.7 per cent yield – in 2017.
It was the first Queensland asset for the group, like Westbridge, headquartered in Perth.
CBRE’s Michael Hedger and Joe Tynan brokered the on sale at a speculated 5.5pc return.
More to come.
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