Ray White Commercial QLD’s Michael Feltoe and Lachlan O’Keeffe have sold Brisbane’s Marketplace Deagon for $20 million to Sydney-based Ganellen Asset Management.

The two-level neighbourhood shopping centre, located at 55-75 Braun Street Deagon, was one of only three neighbourhood shopping centres to be publicly marketed and settled in Brisbane, in 2022.

"Despite a changing economic environment, demand for resilient neighbourhood centres has remained strong,” Mr Feltoe said. 

“The EOI campaign closed after the second of eight cash rate rises, but with 203 enquiries, this transaction reflects the pent up demand for centres that offer repositioning upside through an active management style and capital expenditure to both enhance the tenancy mix and increase the net income.”

The centre is anchored by Fresh & Save Food Warehouse on a 15 year lease to 2031 and supported by five longstanding mini-majors including Guppy’s Early Learning, The Reject Shop, Rackley Swimming and Club Lime gym.

The purchase of Marketplace Deagon is the second foray into the North Brisbane market for Ganellen in the past 18 months, having also acquired and repositioned the Woolworths-anchored Kallangur Fair Shopping Centre in August 2021.

Mr O’Keeffe said the formal on-market EOI campaign resulted in multiple offers being submitted. 

“However the first offer fell through due to finance complications. The property was subsequently sold to Ganellen, continuing the trend of interstate groups looking north to acquire value-add neighbourhood centres,” he said. 

Marketplace Deagon opened in 1990 and was initially anchored by Franklins Supermarkets from 1992-2000, Action Supermarkets from 2000-2007 and Cornetts Supa IGA from 2007-2016.

Situated on a 14,070sqm site along Braun Street - an extension of one of Brisbane’s main arterials, Sandgate Road - the property comprises a large 6,000sqm building footprint. 

To request a sales analysis please contact the selling agents, Ray White Commercial QLD’s Michael Feltoe and Lachlan O’Keeffe via the below contact details. 

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