In a sale negotiated off-market, the well-established food, lifestyle and convenience-based shopping centre Horizon at Wellington Point in Brisbane’s south west has sold for $14.34 million. The property is on a prominent 6,099m2 site, is well positioned and offers 150 basement carparks.
The centre was purchased by Ambrose Regional Property Pty Ltd, from owner Eagle Point Investments Pty Ltd. The sale represents a sale rate of $5,480 per m2.
Positioned at the corner of Old Cleveland Road East and Allenby Road in Wellington Point, the centre is securely anchored by a long-term lease to IGA Supermarket with 788m2, expiring in 2025, and is supported by 17 specialty tenants.
The deal was negotiated by JLL’s Joint Head of Retail Investments – Australia, Jacob Swan and Senior Executive – Capital Markets, Campbell Bowers. Bowers said the sale was a strong result given it was negotiated during the lockdown period.
“The sale of Horizon at Wellington Point is a reflection of the demand for quality assets, even during a lockdown like we have never experienced before. The demand for centres like the quality of Horizon remains universal”, he said.
Swan said, “Neighbourhood centres have been the most robust performers through this COVID-19 period which has supported investor demand and liquidity in this part of the retail market. Neighbourhood centres have accounted for by far the largest share (43%) of the $1.0 billion worth of retail activity so far in 2020 to-date.”
“While there are some opportunistic and value-add capital sources seeking access to investment product, many investors are focused on assets which can offer relatively low risk, and grocery-anchored centres have proven their resilience. Supermarkets have performed very well nationally, with sales up 27% in March and a further 5% in April”, he continued.