Greenbank Shopping Centre and its adjoining land sold for a combined $33 million earlier this week.
SCA Property Group bought the complex for $23 million and negotiated a deal to buy the adjoining 9.96 hectares of development land for $10 million under a put-and-call option with a settlement time of up to five years.
SCA Property Group chief executive officer Anthony Mellowes said it was too soon to know the exact plans for the land, but people should expect an expansion of the centre.
“We want to further develop on the land next door with hopes to expand the shopping centre,” Mr Mellowes said.
“Greenbank is in a good growth corridor with an increasing population and an ideal demographic.”
The transaction was negotiated by JLL’s Sam Hatcher and Jacob Swan in conjunction with CBRE.
Mr Hatcher said the centre’s strong yield of 6.61 per cent made it “strategic” and “highly desirable”.
“The centre is strategically located within one of Queensland’s major future population nodes with the MTA’s [major trading area’s] population and retail expenditure anticipated to grow,” he said.
The predicted strong population growth for Greenbank, as well as the centre’s location within the Greater Flagstone Priority Development Area, was a major consideration for SCA Property Group.
Planning regulations provide a possible expansion of the shopping centre of up to 2.2 hectares of additional gross floor area, which would include the adjacent land.
Greenbank Shopping Centre is a single-level neighbourhood centre with a 3970-square-metre Woolworths supermarket as well as a Woolworths Plus Petrol and 17 specialty stores.
The 5690-square-metre centre was opened in 2008 and has established its position as the dominant centre within the area.
SCA Property Group owns 82 shopping centres throughout Australia and New Zealand.
This story first appeared on Domain.