A local investor has paid $21.5 million for Yeronga Village, highlighting the strong demand for retail assets in the city.

A competitive on-market Expressions of Interest (EOI) campaign run exclusively by JLL’s Ned McKendry, Jacob Swan and Liam Cox drew six bids by the close.

Mr McKendry said the high-profile centre, at 429 Fairfield Rd, was well embedded in the local community, with its tenancy mix across essential services and daily need outlets cementing it as a one-stop shop.

“Retail assets in metro locations remain highly desirable, given the tenant demand and underlying land value they comprise,” he said. “The strong response to the EOI reaffirmed that this appetite remains strong.”

Mr Swan said private investors remained focused on assets with defensive retailers that could absorb upcoming annual reviews in the challenging economic climate.

“As the construction environment continues to constrain the development pipeline, retail assets are becoming increasingly scarce, with a significant demand-supply imbalance across the southeast Queensland retail investment market,” he said.

Mr Cox noted the outlook for the retail sector was strong. 

“With the lack of new supply, the income of established assets continues to improve with strong population growth driving leasing demand and rental growth,” he said.

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