Savills News

Park Ridge retail centre sells for $4.17 million

A convenience retail centre at 3722 Mt Lindesay Highway, Park Ridge has been acquired by a local investor for $4.17 million.

A convenience retail centre at 3722 Mt Lindesay Highway, Park Ridge has been acquired by a local investor for $4.17 million.

The centre comprises a modern single level building fully leased to 7 food-based specialty tenants including Domino’s Pizza, Subway and Noodle Box.

The sale was negotiated by Jon Tyson and Michael Harcourt of Savills Retail Investments.

Mr Harcourt said the property sold off-market via a discreet private placement campaign.

“We received strong interest from select investors due to the property’s solid tenant line-up and excellent location just off the Mount Lindesay Highway,” Mr Harcourt said.

“The Centre enjoys exposure to over 40,000 passing vehicles daily and adjoins a McDonalds drive through restaurant and the Woolworths and Coles-anchored Park Ridge Village Shopping Centre,” he said.

Savills Director of Retail Investments in Queensland, Jon Tyson said demand for quality retail investments remains strong amongst a range of investor groups.

“Well-located and leased convenience-based centres have always been a highly desirable asset class,” Mr Tyson said.

“Yields have remained firm due to solid investor demand coupled with limited supply stemming from the tightly held nature of these assets,” he said.

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