Brisbane’s Parkinson Place shopping centre has been sold for $17.5 million.

The shopping centre is located 20 kilometres south of Brisbane CBD and had a sale yield of 6.79 per cent.

Included in the centre are 14 specialty stores and a supermarket.

Parkinson Place was developed in 2002 and has parking available for 295 cars, which represents a ratio of 6.2 bays per 100 square metres of gross lettable area.

CBRE’s Michael Hedger, Joe Tynan and Kevin Tong negotiated the sale to a Victorian-based investor.

At a glance:

• Parkinson Place in Brisbane was sold for $17.5 million with a sale yield of 6.79 per cent
• The shopping centre is located 20 kilometres south of Brisbane CBD
• It is anchored by Drakes Supermarket, which makes up 68 per cent of the centre's lettable area

“The new purchaser was attracted to the established catchment and underlying land value of the centre, which occupies an expansive 2.11ha site, allowing for future development and repositioning opportunities,” Mr Tynan said.

“An opportunity exists to capture a higher level of market share and to drive sales across the tenancy mix to cater to the local demographic and the desire for convenient, food-based retail offerings.”

The property is anchored by a 3,203 square metre Drakes Supermarket, which has recently been upgraded and the lease extended to 2022.

It makes up 68 per cent of the centre’s gross lettable area.

Mr Tong said the sale provided evidence that local and international buyers were increasingly looking outside of their state and country borders for investment opportunities.

“This was the case with Parkinson Plaza, with the Victorian-based investor seeking an opportunity further up the eastern seaboard after being unable to find a suitable investment in Victoria,” he said.

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