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Investors fight for IGA convenience

Wondall Road Village shopping centre at Manly West, sold for almost $16 million. Source: The Courier Mail

An IGA-anchored site in Brisbane sparked interest among investors before a Gold Coast family made a winning bid on the opportunity.

As well as an IGA supermarket, the site also holds a BP petrol station and a five-bay car wash as well as eight specialty stores including food, beverage and medical retailers.

The property was sold for just under $16 million by CBRE’s Michael Hedger and Joe Tynan, after the property was developed just four years ago.

Mr Tynan said: “Strong local, interstate and offshore inquiry was received from private high net worth individuals and syndicators.”

“We received a total of 72 inquires, with six formal positions put forward that were all very competitive. This transaction demonstrates the confidence the market holds for IGA assets.”

The Hedger said the yield achieved [6.08per cent] was the strongest that had been seen for an IGA-anchored asset in QLD.

“We continue to see new sources of capital entering the market that are prepared to pay a premium to secure retail assets that offer strong investment fundamentals,” he said.

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