Slacks Creek Shopping Centre Sold at Auction for $2.34 Million
A shopping centre investment opportunity at Slacks Creek, south of Brisbane, has been sold at auction by Ray White Commercial Springwood for $2.34 million – almost $400,000 above the reserve.
The Randall Court Shopping Complex at 214 Kingston Road, Slacks Creek, was sold to a local investor by Ray White Commercial Springwood Managing Director Aldo Bevacqua on a behalf of a family syndicate for a yield of 5.7 per cent.
Aldo Bevacqua said there was an outstanding response to the marketing campaign for the property, with more than 80 enquiries.
“We had six registered bidders at the on-site auction and there was keen competition from potential purchasers who could also see the strong development upside of this offering,” he said.
“The shopping centre was sold under the hammer for $390,000 above the reserve.
“Some of the bidders that missed out are still on the hunt for similar properties and they are cashed up and ready to act.”
Aldo Bevacqua said the Randall Court Shopping Complex is a quality asset which currently nets rental income of approximately $133,500 per annum, with the potential to increase to more than $150,000 per annum once all shops are leased.
“There’s already a secure income from seven tenants, including Australia Post, Subway, Zamzam Charcoal Grill, Quality Home Brewing, Moss Street Hairdressing for Men, A Convenience Store and Printer Refills,” he said.
Aldo Bevacqua said the property is strategically located along Kingston Rd in the heart of the Slacks Creek and Underwood area.
“The site consists of a 1,000 sqm building on approximately 2,987 sqm of land which is zoned mixed use commercial and has a development height limit of 15 metres,” he said.