- Highfields Plaza snapped up in off-market deal for $16.3 million
- The Coles-anchored shopping centre was originally developed in 2007
- The transaction is the latest in a series of regional shopping centre transactions
Highfields Plaza, located near Toowoomba has become the latest in a series of shopping centre sales after it was secured off-market by a Melbourne based private investor for $16.3 million.
The property was last on the market in 2012 when it sold for $11.5 million to Whistle Funds Management led by William Silverman.
Savills National Director of Retail Investments, Peter Tyson, who helped handle the sale highlighted the current strength of the neighbourhood retail asset.
“This result continues a strong run of transactions of neighbourhood retail assets nationwide and reflects the strong demand for the asset class.”
Peter Tyson, National Director of Retail Investments
While retail transactions have been coming in thick and fast across Australia, the regional market seems to be particularly hot with three notable shopping centre transactions just last month.
Newcastle’s Cameron Park Plaza changed hands when Centura purchased the property for $60.25 million. Similarly, Coffs Harbour has seen the sale of its Central Plaza for $11.3 million and Boambee Central Shopping Centre which was snapped up in an off-market deal for $12.8 million.
“Highfields Plaza sold quickly to a Melbourne based private investor group following a short off-market sale process and reflected a passing yield of 4.86%,” Mr Peter Tyson said.
The Coles-anchored shopping centre was originally developed in 2007. It has an additional 11 specialty tenancies focused on daily needs across its 4,253 sqm space.
The plaza is located a 20-minute drive north of the Toowoomba CBD in the suburb of Highfields. The area has seen rapid and ongoing residential growth as affordability challenges and lifestyle choices push city dwellers into the region.
Savills sales executive Jon Tyson also supported the management of the Highfields Plaza deal.
“Centre’s catchment features a young affluent demographic that is forecast to grow
by over 26% by 2036 and is well-positioned to service the growing community,” he said.