Horizon @ Wellington Point Sold for $18.125 Million
One of the most significant retail assets on Brisbane’s bayside, the Horizon @ Wellington Point Shopping Centre, has been sold for $18.125 million by Ray White Commercial in conjunction with Jones Lang LaSalle (JLL).
The major investment opportunity at 685 Old Cleveland Road East, Wellington Point, was sold to a private investor by Ray White Commercial Bayside Director Nathan Moore and JLL Retail Investment QLD’s Jacob Swan and Campbell Bowers on behalf of a private owner for a yield of approximately 7.0 per cent.
Nathan Moore said the Expression of Interest campaign attracted 60 enquiries and eight formal expressions of interest.
“We had significant interest in this high performing, quality asset,” he said.
Nathan Moore said the fully tenanted shopping centre, which opened in December 2010, is anchored by an IGA Supermarket and 19 other retail and medical tenancies.
“Horizon @ Wellington Point is a highly successful retail/medical complex which currently has 100 per cent occupancy,” he said.
“The shopping centre returns nett rental income of approximately $1.27 million per annum and represents a tremendous strategic investment opportunity.”
Mr Swan said Horizon @ Wellington Point is situated on a land area of approximately 6,099 sqm with a local centre zoning from Redland City Council.
“This modern, architecturally designed retail asset is surrounded by high quality residential development in an emerging growth centre of South East Queensland,” he said.
“There is approximately 2,616 sqm of nett lettable area in three buildings and prominent signage opportunities.”