Latest News

Major ALDI-anchored convenience centre sells for $10.5M

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.

Regional assets have generated strong investor demand

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.

The area has a growing population making it attractive for investors

“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”.

About the author

Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

Add Comment

Click here to post a comment