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.

Mr 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,” he said.

“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.”

Mr 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.

“We found these buyers were all looking for the security of a convenience centre anchored by ALDI, which in itself is very rare.”

Up to Date

Latest News

  • Coffs Harbour Motel on Massive Land Parcel For Sale

    Insolvency and restructuring expert, Bill Karageozis of McLeod and Partners has appointed leading specialist brokerage firms Ray White Commercial Queensland and HTL Property to sell Coffs Motel and Villas, located at 209 Pacific Highway, Coffs Harbour. Bill Karageozis of McLeod and Partners was appointed as the Liquidator to the asset … Read more

    Read Full Post

  • 4 Reasons to Sell at the Summer Auction Day

    Take Advantage of the Strong Selling Conditions 10 of our most recent on market campaigns averaged 143.6 buyer enquiries, 8.3 registered bidders/offers, with yields as tight as 3.81% and some prices 20% above owners price expectations. These results continue to defy media headlines and market speculation. All of our Ray … Read more

    Read Full Post