One of Brisbane’s newest shopping precincts has been sold by its developer for more than $20 million.

Brisbane-based developer Wild Mint Properties completely divested from Flagstone Village for $20.5 million, after selling to an offshore family.  

The project is a new integrated retail precinct, comprising a net lettable area of 2,857 sqm.

At a glance:

• Brisbane-based developer Wild Mint Properties has divested Flagstone Village for $20.5 million.
• The transaction reflected a passing yield of 5.96 per cent and a fully leased yield of 6.76 per cent.
• CBRE’s Queensland Retail Investments’ Michael Hedger and Joe Tynan negotiated the sale.

Flagstone Village is anchored by major retailers such as 7-Eleven, IGA, BWS, Terry White Chemmart, Snap Fitness and Domino’s Pizza – generating a net annual income of $1.41 million.

The transaction reflected a passing yield of 5.96 per cent and a fully leased yield of 6.76 per cent.

CBRE’s Queensland Retail Investments’ Michael Hedger and Joe Tynan negotiated the sale.

Mr Hedger said the sale highlighted the continued appetite strength for quality retail investment properties.

“We continue to see experienced capital in the retail market, particularly from the private sector and offshore groups. This capital is seeking core retail investments that offer strong fundamentals – national tenants, diverse income stream and high-growth locations,” Mr Hedger said.

The shopping precinct is located between Brisbane and Gold Coast, which is a major growth corridor – it’s expected to be home to 120,000 people and 50,000 dwellings by 2062.

Mr Tynan said the shopping precinct’s location in one of Queensland’s strongest growing residential locations would help position it for future success.

“The purchasers were attracted to the centre’s diversity of income - being generated from non-discretionary retailers and offering consistent income growth. Combined with the functionality and quality presentation of the complex, it is easy to understand the appeal of the holding,” he said.

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