A Park Ridge convenience retail centre has been sold to a local investor for $4.17 million in an off-market deal.

Situated at 3722 Mt Lindesay Highway, the centre comprises a modern single level building fully leased to 7 food-based specialty tenants including Domino’s Pizza, Subway and Noodle Box. 

The sale was negotiated by Jon Tyson and Michael Harcourt of Savills Retail Investments.

At a glance: 

• A Park Ridge convenience centre has been sold for $4.17 to a local investor in an off-market deal. 
• The deal was negotiated by Jon Tyson and Michael Harcourt of Savills Retail Investments.
• The centre comprises a  modern single level building fully leased to 7 food-based specialty tenants.

Mr Harcourt said the property's solid tenant line-up and excellent location just off the Mount Lindesay Highway meant there was no shortage of interest throughout the discreet private placement campaign.

“The centre enjoys exposure to over 40,000 passing vehicles daily and adjoins a McDonalds drive-through restaurant and the Woolworths and Coles-anchored Park Ridge Village Shopping Centre,” he said.

Savills Director of Retail Investments in Queensland, Jon Tyson, said demand for quality retail investments remained strong amongst a range of investor groups. 

“Well-located and leased convenience-based centres have always been a highly desirable asset class,” he said.

“Yields have remained firm due to solid investor demand coupled with limited supply stemming from the tightly held nature of these assets,” he said.

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