'LOW RISK' ALBANY CREEK CENTRE TAKES $26M
Written on the 14 July 2015
ALBANY Creek has taken a $26.1 million cash injection for Woolworths Marketplace.
The sale is the largest of four Woolworths anchored precincts across south east Queensland since March: Woolworths Ormeau for $24 million, Birkdale Fair for #23.3 million and Logan Village for $15 million.
The 6,190sqm property 17km north-west of Brisbane CBD went to a Melbourne-based private investor.
The deal was negotiated by JLL's Jacob Swan and Sam Hatcher in conjunction with Peter Kniepp from Site 8.
"Private investors continue to be very active within the neighbourhood centre market," says Swan.
"The transaction reflects a passing initial yield of approximately 6.25 per cent & fully leased initial yield of approximately 6.77 per cent."
The agents say they anticipate further yield compression within the neighbourhood shopping sector as investors shift towards long lease, low-risk assets.
The centre is anchored by a high-performing Woolworths and also features 20 speciality stores, a kiosk, vending machine and an ATM.