Investors continue to eye the retail property space, with the Glenfield Shopping Centre recently selling to an undisclosed buyer for $10.4 million.
![](https://static.businessnews.com.au/sites/all/themes/bn2020/images/squares.gif)
Investors continue to eye the retail property space, with the Glenfield Shopping Centre recently selling to an undisclosed buyer for $10.4 million.
Investors continue to eye the retail property space, with the Glenfield Shopping Centre recently selling to an undisclosed buyer for $10.4 million.
Located north of Geraldton, the centre is anchored by an IGA and drive-through Cellarbrations liquor store, both on 10-year leases.
The centre also features eight additional specialty tenants.
CBRE director large format retail and retail services Richard Cash negotiated the sale, with a yield of circa 8.5 per cent, which he said reflected a secure long-term income stream of more than $800,000 per annum.
“Negotiations were conducted throughout a very challenging period in Australia due to COVID-19, with restrictions and regulations changing at a rapid rate,” Mr Cash said.
“We’ve seen additional pent-up demand due to the lack of quality assets that have come to market this year because of the global pandemic.
“There continues to be strong demand for non-discretionary and convenience neighbourhood shopping centres due to the defensive and recession proof nature of this asset class.”
Rank | Company | # | |
---|---|---|---|
1st | ![]() | CBRE | 326 |
2nd | ![]() | JLL | 209 |
3rd | ![]() | Cygnet West | 126 |
4th | ![]() | Knight Frank Australia | 89 |
5th | ![]() | Cushman & Wakefield | 80 |