DFO JINDALEE SOLD FOR $46.6M
Written on the 7 March 2016
A LOCAL investor has snared outlet retail centre DFO Jindalee in Brisbane's western suburbs for $46.6 million.
It follows the sale of DFO Cairns to Brisbane-based investment firm Sentinel Property Group for $40 million last month.
Savills agents Peter Tyson, Jon Tyson and Steven Lerche marketed the property on behalf of owner and developer Factory Outlets Jindalee late last year.
Peter Tyson says the deal was settled this week with a yield of about 7 per cent.
"The sale process drew strong interest from a wide range of investor groups and generated nine competitive bids," Tyson says.
"DFO Jindalee is one of only two dedicated direct factory outlet centres in the Brisbane trade area and the new owner plans to continue the DFO operation and retain the centre's branding."
Developed in 2007, the fully-enclosed centre comprises more than 80 tenants totalling 16,485sqm in gross leasable area. Anchor tenants include Nike, Adidas, Puma, Bonds and Jeans West.
The complex has parking for more than 900 cars and is developed on a 3.927ha site with a high order retail zoning.
Situated on the Centenary Motorway, DFO Jindalee services a broad trade area estimated of almost 500,000 residents, from the western suburbs extending to Ipswich and south to the growth corridor of Springfield.