A neighbourhood convenience shopping centre in Richlands, Brisbane anchored by KFC, Hoppy’s Carwash and Café 63, has hit the market, with strong interest expected from private investors both local and interstate.
Colliers experts, Harry Dever and James Wilson are exclusively presenting the opportunity to acquire Richlands Marketplace, which offers investors an opportunity to acquire a new 100% fully leased asset, only 19km from Brisbane CBD in one of Brisbane’s fastest growing corridors.
Situated prominently at the intersection of Garden Road and Government Road, Richlands Marketplace benefits from a prime corner location with over 200 metres of frontage. The property benefits from over 30,000 vehicles passing daily. In addition, it offers multiple ingress and egress points making the centre easily accessible from all directions.
Colliers Associate Director of Retail Middle Markets, Harry Dever said, “In contrast to recent historical periods of economic uncertainty, there is a significant level of undeployed capital within the market from both private and institutional capital seeking to invest in convenience retail in Queensland.”
“Demand is primarily fuelled by the enduring strength of retail spending in Queensland, with retail sales growing 2.4% for the period of Jan-May 2024 compared to the year prior, nearly double the national average for this period which was 1.3%.
“Richlands Marketplace presents an attractive investment opportunity with a fully leased asset featuring a long WALE of 8.01 years by GLA. Investors can immediately capitalise on the potential for additional value through the subdivision and sale of existing pad sites (subject to council approval).
“With the exceptionally low average specialty rent of $697p/m2, combined with Richlands robust population growth and large workforce, Richlands Marketplace offers investors a chance to acquire a newly established neighbourhood convenience centre primed for significant rental growth and strong performance in the short to medium term.”
Colliers Head of Retail Middle Markets, James Wilson added, “Queensland has recorded the second highest amount of Retail Middle Markets transactions nationally 2024 YTD, totaling $251 million in value of transactions announced.”
“Domestic private investors purchaser category accounts for 43% of Retail Middle Markets 2024 YTD, which is down from 66% recorded in 2023 nationally. Private investors are facing increased pressure from funds and offshore capital for high quality metropolitan retail opportunities such as Richlands Marketplace.”
Colliers are exclusively marketing Richlands Marketplace via an Expressions of Interest (EOI) process closing at 2pm (AEST) on Thursday 22nd August 2024.