Melbourne based MPG Funds Management have snapped up the Woolworths-anchored Beaudesert Central shopping centre for $16.85 million.

The off market transaction reflected an initial yield of 6.5% and was brokered by Savills Peter Tyson and Jon Tyson on behalf of a private vendor.

The town of Beaudesert is situated 70 kilometres south of Brisbane and Beaudesert Central is the dominant centre servicing the region. It comprises a single level, open neighbourhood shopping centre developed in 2007 and is anchored by a 3,279sq m Woolworths supermarket with 12 specialty tenants.

The centre features a prominent 14,230sq m site fronting the Mount Lindesay Highway, adjacent to the central business precinct, and provides grade level parking for 185 vehicles.

The boutique MPG Funds Management group has added the centre to its open ended MPG Retail Brands Property Trust, which now operates 11 retail assets across Australia with a combined value of over $100 million.

Savills National Director of Retail Investments, Peter Tyson said “The MPG Retail Brands Property Trust had been seeking a suitable Queensland asset for the portfolio for some time. The Beaudesert Central acquisition is the first Queensland asset in the fund.”

“The other emerging economic driver of the region is the recent catalyst development of the long-mooted in-land port road–rail hub of the Bromelton State Development Area which is now under development. This major project is expected to generate significant employment opportunities going forward.”

MPG Managing Director, Brett Gorman said “Beaudesert Central is a great shopping centre with opportunities to improve, it is located in an area with strong forecast growth, so it is a great fit for our business.”

Savills Director of Retail Investments in Queensland, Jon Tyson added “We have seen numerous neighbourhood centre sales occur in the SEQ region over the first half of this year. This activity clearly indicates that investor demand for investments with a high proportion of consumer staple tenants remains solid.”

Other recent transactions brokered by Savills this year include SCA’s acquisition of both Mudgeeraba Market and Worongary Town Centre on the Gold Coast for a combined $82.1 million, the sale of Park Village in Brisbane’s west for $35.2 million, and the sale of Pittsworth Plaza for almost $10 million.