EVERTON PARK SET FOR REDEVELOPMENT AFTER SALE
Written on the 21 November 2016 by Chelsey Landford
A SHOPPING centre in Brisbane's inner northern suburbs has been earmarked for a major redevelopment after selling to private investors for $27.7 million, at a yield of 7.1 per cent.
Everton Plaza's new owners, together with retail property development firm Reds Group, plan to invest significant capital to renovate the 1969-built centre into a popular retailing destination.
Reds Group spokesperson Bronwyn Timms says the focal point of redevelopments will be a new casual laneway dining precinct, known as Park Lane.
The sale was negotiated by CBRE's Michael Hedger and Joe Tynan following an expressions of interest campaign that attracted over 94 local and offshore enquiries and 11 formal offers.
"Buyers were attracted by the centre's prominent location, with household income being approximately 14 per cent higher than the Brisbane metropolitan average," Tynan says.
"While the low cost of debt remains available, we will continue to see a gradual firming of yields, especially with centres that offer a significant value uplift with repositioning options."
Located 9km from Brisbane's CBD, the 7,198sqm property is anchored by a Coles supermarket and 30 specialty retailers, including Fernwood Fitness, Australia Post, BWS and ANZ.
It sits on a large inner city landholding of more than four acres and provides parking for 230 cars.
Author: Chelsey Landford