The Park Village Shopping Centre in Brisbane’s Middle Park has changed hands for $35.2 million to an undisclosed local private investor. The Centre traded on a yield of 6.47% in a transaction brokered by Peter Tyson of Savills.

Park Village Shopping centre is an enclosed neighbourhood centre with a total gross lettable area of 6,421sq m and is anchored by a 2,626sq m Coles Supermarket with 36 specialty tenancies. The Centre originally developed in the 1980’s underwent a major expansion in 2009 with the development of a new Coles store and a staged refurbishment through to 2012.

Peter Tyson, said “the Park Village deal continues the high level of transactional activity in the popular neighbourhood retail space in Queensland. We continue to see strong demand for retail assets from a cross section of investors, locally, interstate and off shore”.

“The buyer was attracted to the centre as it is the only neighbourhood facility servicing the Middle Park, Westlake and River Hills precinct in Brisbane’s western suburbs. The group see further opportunity to add value to the asset over time through active management.”

The property was sold by Peter Lucas of P.A. Lucas & Co.as the appointed Receiver and Manager of the centre.

Click here to learn more about Savills Retail Investments.