Brisbane shopping centre at Brown Plains Road sold

A Brisbane-based private investor has paid $4,880,000 for the Plains Junction Shopping Centre in Browns Plains, in South East Queensland.

CBRE’s Michael Hedger and Joe Tynan negotiated the sale of the retail convenience centre, which is located in the heart of one of Brisbane’s strongest retailing precincts.

The 28 Browns Plains Road asset was sold on behalf of the long term owner – a Sydney investor who had owned the property for over 10 years. They had paid $3 million in 2004.

Mr Hedger said the centre had a strong national tenant profile with Westpac and Suncorp occupying over 80 percent of the building area, alongside major national brands Woolworths, Officeworks, BCF and McDonalds.

Mr Tynan said the Expressions of Interest campaign had attracted over 110 enquiries, with the strong buyer interest resulting in a tight sale yield of 6.3 percent.

The purchaser of Plains Junction Shopping Centre was represented by commercial buyers’ agent Damien Holliday from Prosper Group.