A strip retail centre in Brisbane’s inner-south has sold post-market, continuing a strong run of results for the city’s strip retail centres.

RWC Retail’s Lachlan O’Keeffe and Michael Feltoe managed the sale of 212 Cracknell Road, Tarragindi, which sold for $4.5 million.

Initially taken to market in August 2023 - generating 230 enquiries - the multi-tenanted centre passed in at auction. The property was then under contract for $4.2 million, before subsequently selling to a NSW-based investor this year, which Mr O’Keeffe said was reflective of the renewed confidence in the retail market.

“The market in late 2023 was still anxious with the uncertainty around further cash rate increases, and the impact of cost of living pressures on strip retail,” he said.

“However the stabilising of interest rates and sustained retail spending levels has seen private investors re-engage on retail centres such as this with renewed confidence.”

Located 5km south of the Brisbane CBD, the fully leased centre is home to six tenancies and occupies a prominent 997sqm corner land parcel that backs onto Shaftesbury Street Park.

The sale reflected a yield of 6 per cent at the time of sale, and a building sale rate of $11,811/sqm which Mr Feltoe believed was one of the best in Brisbane for 2024.

“We believe this is the second best result in 2024 on a building sale rate basis amongst multi-tenanted retail centres in Brisbane,” Mr Feltoe said.

“Together with our sales in Coopers Plains and Ashgrove - which complete the top three - we are continuing to see demand for these centres at record highs.

“We expect this trend to continue with interest rates expected to provide relief next year."

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