The Russell Island Shopping Centre has been snapped up by a Queensland investor for $7.2 million.
The sale was conducted by Ray White Commercial Queensland agents Lachlan O’Keeffe and Michael Feltoe after the property initially passed in at an auction by another agency in early November.
Located at 29-39 High Street, the 1943sqm building on a 5950sqm site is fully-leased to seven tenants and has a net income of $547,800 per annum with a WALE of 7.3 years.
Anchored by a 15-year lease to SUPA IGA, Mr Feltoe said the strong fundamentals underpinning the centre were what ultimately led to its unconditional sale.
“As the only shopping offering on Russell Island, the sale drew interest as a fully-tenanted, long leased investment with no immediate competition,” he said.
“It is these fundamentals that are continuing to be sought after by passive investors, who are keen to invest in secure retail offerings.”
While the Russell Island Shopping Centre has had a complicated history, including ongoing lawsuits, Mr O’Keeffe said the new owner was able to look past the issues.
““It was a complicated transaction because the shopping centre had issues and a very public and colourful history,” he said.
“Due to its complex nature we were able to introduce the right purchaser who could understand the asset fully and proceed unconditionally on the property one week after the auction date.”