Brisbane's Beenleigh Marketplace is up for sale, with JLL appointed by Dexus Wholesale Property Fund to market a 100 per cent freehold interest in the sub-regional shopping centre.

The significant landholding includes 4,390 square metres of adjoining land, which has been earmarked for further development, providing significant value-add potential together with the continued remix and leasing opportunities.

Anchored by Woolworths and Big W, the 19,476 square metre community hub is accessible to the surrounding resident population via the adjoining railway station and convenient access to the Pacific Highway / M1 Motorway. 

At a glance:

• Dexus Wholesale Property Fund has announced the sale of a 100 per cent freehold interest in Brisbane's Beenleigh Marketplace.
• The shopping centre comprises 19,476 square metres, with about 75 per cent of the site Gross Lettable Area.
• JLL Head of Retail Investment, Simon Rooney, has been appointed to manage the sales campaign.

With approximately 75 per cent of total centre Gross Lettable Area secured to national and chain retailers, Beenleigh Marketplace outperforms the industry averages with the total centre moving annual turnover (MAT) of $113.7 million and specialty productivity of $9,548/square metre.

JLL Head of Retail Investments, Simon Rooney, said many investors were adopting a low-risk strategy in the current market, meaning high-quality, convenience-based sub-regional centres remained in favour.

Related Reading: Charter Hall Retail Management acquires Sydney's Rockdale Plaza for $142 million

“This cohort of the market remains liquid, demonstrated by the string of recent similar transactions such as Rockdale Plaza in Sydney bought by Charter Hall in April ($142 million), Neeta City in Sydney bought by Elanor Investors in March ($85.3 million), Campbellfield Plaza in Melbourne bought by Charter Hall in December 2018 ($74 million) and Keilor Central in Melbourne bought by Fort Street in December 2018 ($113 million)," he said.

“Transaction activity was highest in the $50 million-$150 million bracket in 2018, having increased 74 per cent on top of 47 per cent growth already recorded in 2017. 

“Investors are targeting small and mid-sized sub-regional centres with a major focus on retail services as well as food and beverage, which has consistently been the fastest growing retail category over the last five, 10 and 20 years, underpinning solid leasing demand."

According to JLL, Beenleigh Marketplace is expected to continue to benefit from the substantial population growth occurring in and around the centre, with the current resident population of 83,570 people expected to grow by 2.1 per cent per annum to 2031, significantly above the Australian average of 1.4 per cent per annum.

Expressions of Interest to purchase Beenleigh Marketplace close at 12pm (AEST) on Thursday, June 6. 

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