Savills list Village Fair Shopping Centre at Regents Park
Village Fair Shopping Centre at Regents Park in south east Queensland has been placed on the market for sale.
Savills’ Peter Tyson and Jon Tyson have been jointly appointed with Shane Sax of Pace Property to sell the centre via an Expressions of Interest campaign.
Village Fair is located in Regents Park and comprises a convenience scale neighbourhood centre anchored by a 2,000 sqm Drake’s supermarket supported by 25 specialty shops.
Regents Park is situated 22 radial kilometres south of the Brisbane CBD on the Mount Lindesay Highway.
According to Peter Tyson, Village Fair features an annual income stream approaching $1.7million and will provide a rare offering in the tightly-held southern Brisbane shopping centre market.
“The local market has been dominated by long term owners and the centre is expected to appeal to private investors and syndicates who dominate transactional activity at this price point."
“Given the scarcity of similar assets in Brisbane’s greater southern region, and the strong ongoing demand for the neighbourhood shopping centre asset class, we expect a very high level of investor interest in this opportunity,” Peter Tyson said.
Village Fair has a gross lettable area of 4,611 sqm and occupies a 12,900 sqm site with exposure to the Mt Lindesay Highway and passing traffic of over 60,000 cars daily.
Jon Tyson said that there has been identifiable and constant demand from investors for neighbourhood retail opportunities.
“The non-discretionary nature of this asset class is underpinned by food and service oriented tenants, which is exemplified in Village Fair,” Jon Tyson concluded.
