Australian Property Journal: Newman divests Bribie Island centre
FORMER Queensland Premier and Senate candidate Campbell Newman’s Arcana Capital has offloaded a fully leased retail centre on Bribie Island, north of Brisbane, for $9 million.
The Bribie Retail Centre has three tenancies incorporating national and chain brands Supercheap Auto, Prices Plus and Domino’s Pizza, with 1,567 sqm of lettable space and is situated on a corner 5,916 sqm lot adjacent to the Woolworths-anchored Bribie Island Shopping Centre.
An interstate investor picked up the centre on a healthy yield of 5.49%.
Newman said that “after delivering returns of 9.00% per annum for the past five and a half years it was pleasing to exit the asset in accordance with the original investment strategy with a substantial capital gain”.
Savills’ Jon Tyson and Michael Harcourt handled the sale, receiving interest from both local and interstate buyers, private investors, property syndicates and listed and unlisted property trusts.
“Opportunities like this with big-name national tenants always attract keen interest and have been quite rare at this price point,” Tyson said.
Arcana Capital’s property portfolio includes Tasmanian car dealerships bought from A.P. Eagers for $16.4 million.
This article originally appeared in the Australian Property Journal.