$10 million plus for The Milton's retail and commercial portfolio

JLL's Retail Investments team, led by National Director Jacob Swan, have brokered a deal with a combined sale price exceeding $10 million for The Milton's retail and commercial portfolio in Brisbane's inner west.

The Milton was developed as a transport-oriented development (TOD) and incorporated within the Milton train station, approximately 2 km west of the Brisbane CBD.

The portfolio included an office component of two vacant podium suites totalling 1,237 sqm, along with a retail component of four separate retail tenancies leased to local and international food and beverage operators including Max Brenner, La Stazione and Ribs & Rumps.

The retail tenancies were on long-term leases, all between seven and 10 years.

Five separate transactions were completed by the team.

The office lots were sold to separate owner-occupiers.

Sam Byrne who helped broker the deal said, "One owner-occupier relocated from Ashgrove, the other relocated from St Lucia; one is in education, the other in software development."

"The retail lots sold to a mix of private investors; one based in Cairns, the other in Brisbane," he added.

Campbell Bowers another colleague of Jacob Swan, said "the price point (sub $5million), long term leases and highly recognisable tenant profile of the retail investments was a highly sought-after proposition in the current market and therefore generated interest from an abundance of self-managed super funds and high-net-worth individuals."

"New residential apartment development is now driving population growth in Milton, typically a commercial area," Mr Bowers concluded.