Bridge Street Plaza, one of Queensland’s superior convenience retail offerings of 2020, has sold to a Sydney-based buyer for $10,500,000 at 546 Bridge Street in Toowoomba. The asset, that comprised a new generation ALDI supermarket plus convenience food/services offerings, was sold following a successful expressions of interest campaign.
The property was marketed and sold by Ray White Commercial Queensland Retail Sales father and son duo Stephen and Elliot Kidd.
Stephen Kidd said the shopping centre, which was recently expanded and refurbished, opened for trading in January 2020, and was arguably a not-to-be repeated ALDI-anchored convenience centre as ALDI are generally owner-occupiers, not tenants.
“We had more than 80 enquiries throughout the campaign with six contracts submitted – the winning buyer was the one able to settle in the quickest time frame with the smallest amount of funding required. This sale reinforces the fact that there’s still plenty of wealth out there looking to be placed into quality assets underwritten by the property fundamentals being location, tenant diversity, and lease strength/covenant”, Kidd said.
Elliot Kidd said Toowoomba continued to experience substantial employment and population boost, with some $13 billion of infrastructure recently completed or scheduled for construction.
“We had mostly New South Wales and Victorian buyers in Melbourne enquiring thanks to our advertising in newspapers and across the various online portals,” he said.
Kidd said “We found these buyers were all looking for the security of a convenience centre anchored by ALDI, which in itself is very rare”.