Griffith Group Sells Ripley Central Retail Assets for $26.1M
Griffith Group has offloaded five freestanding retail assets at Ripley Central in South East Queensland’s growth corridor, securing a combined $26.1 million on a blended yield of 5.45 per cent.
The mixed use precinct, developed by Griffith Group, is anchored by national brands including Starbucks, 7-Eleven, Subway and Bottlemart. Located approximately 43 kilometres south west of Brisbane by road, Ripley forms part of one of Queensland’s largest urban growth corridors.
GALLERY
According to Stonebridge Property Group partner Tom Moreland, the portfolio attracted significant national investor interest and was sold via a national portfolio auction and expressions of interest campaign. More than 400 enquiries were recorded across the five assets.
The individual transactions included Starbucks Ripley, which sold for $5.5 million on a 4.59 per cent yield, and the Strip Retail Centre Ripley, which achieved $6.17 million on a 5.49 per cent yield. The combined 7-Eleven and Subway asset generated eight offers before selling for $8.15 million on a 5.63 per cent yield. Swim Factory and Sparkletown Car Wash lots transacted for approximately $6.1 million.
Moreland said the result highlights sustained appetite for newly built freestanding retail investments underpinned by long term lease covenants in high growth locations. Stonebridge’s Harry Curtain added that buyer sentiment remains robust amid limited new supply, with fuel, convenience retail, fast food and large format retail performing strongly.
Further south, a 2.033 hectare development site at the entrance to Flagstone Town Centre has been brought to market, presenting an opportunity to deliver the community’s first mixed use retail project. Positioned at the corner of Parkland and Flagstonian Drive within the City of Logan, the approved staged scheme spans two lots comprising 9,525 square metres and 10,804 square metres respectively.
The campaign is being managed by JLL agents Liam Cox, Jake Burrowes and Ned McKendry in conjunction with CBRE representatives John Nucifora, Will Carman and Harrison Coburn.
Cox described the retail fundamentals within the Greater Flagstone Priority Development Area as compelling, with the population forecast to reach 138,000 by 2050 and approximately 51,500 new homes planned. Retail spending in Flagstone is currently estimated at $849.6 million and projected to grow to $4.9 billion by 2046, reinforcing the scale of opportunity within the emerging retail core.
Images via The Urban Developer
MEAN Middle East Architecture Network has delivered the Send Location flagship store in Dubai, a 300 square metre ...
BAR Studio has unveiled the interiors for Fairmont Tokyo, delivering a high rise hospitality experience that forges a ...
Griffith Group has offloaded five freestanding retail assets at Ripley Central in South East Queensland’s growth corridor, securing ...
Mirvac has unveiled its new low carbon display home at Highforest in West Pennant Hills, NSW. Marking a ...