A strong performing neighbourhood convenience shopping centre in Richlands, anchored by national tenants KFC, Hoppy’s Carwash and Café 63, has hit the market, with strong interest expected from private investors both local and interstate looking to capitalise on Queensland’s resilient convenience retail market. 

Colliers experts Harry Dever and James Wilson are exclusively presenting the opportunity to acquire Richlands Marketplace, which offers investors an opportunity to acquire a brand new 100% fully  leased asset, only 19km from Brisbane CBD in one of Brisbane’s fastest growing corridors.  

Situated prominently at the intersection of Garden Road and Government Road, Richlands  Marketplace benefits from a prime corner location with over 200 meters of substantial frontage. The  property benefits from high visibility, with over 30,000 vehicles passing daily. Additionally, it offers multiple ingress and egress points making the centre easily accessible from all directions, which has  contributed to the centre’s strong performance. 

Harry Dever, Colliers Associate Director of Retail Middle Markets said “In contrast to recent historical  periods of economic uncertainty, there is a significant level of undeployed capital within the market  from both private and institutional capital seeking to invest in convenience retail in Queensland.”  

“Demand is primarily fuelled by the enduring strength of retail spending in Queensland, with retail  sales growing +2.4% for the period of Jan-May 2024 compared to the year prior, nearly double the  national average for this period which was +1.3%,” Harry Dever said. 

“Richlands Marketplace presents an attractive investment opportunity with a fully leased asset featuring a long WALE of 8.01 years by GLA. Investors can immediately capitalise on the potential for  additional value through the subdivision and sale of existing pad sites (subject to council approval).  

“With the exceptionally low average specialty rent of $697p/m2, combined with Richlands robust  population growth and large workforce, Richlands Marketplace offers investors a chance to acquire  a newly established neighbourhood convenience centre primed for significant rental growth and  strong performance in the short to medium term”. Mr Dever Added.

James Wilson, Colliers Head of Retail Middle Markets said “Queensland has recorded the second  highest amount of Retail Middle Markets transactions nationally 2024 YTD, totaling $251 million in  value of transactions announced.” 

“Domestic private investors purchaser category accounts for 43% of Retail Middle Markets 2024 YTD,  which is down from 66% recorded in 2023 nationally. Private investors are facing increased pressure  from funds and offshore capital for high quality metropolitan retail opportunities such as Richlands  Marketplace,” James Wilson said. 

He continued “With construction completed in Mid-2023, Richlands Marketplace offers significant  depreciation benefits to drive a tax effective net income for potential investors.” 

Richlands population is forecast to reach 36,489 residents by 2041, representing an annual growth  rate of 3.08 per cent. Richlands boasts an affluent workforce population, with 70.2 per cent of its  residents participating in the labour force. 

Richlands Marketplace is located within the City of Brisbane, approximately 19 kilometres south west of Brisbane CBD and 21 kilometres east of Ipswich CBD. 

Colliers are exclusively marketing Richlands Marketplace via an expressions of interest process  closing at 2.00pm (AEST) on Thursday, 22nd August 2024.