Acquisitive Brisbane based syndicator Arcana Capital has swooped in on a prominent retail convenience centre located in the Brisbane bayside suburb of Redland Bay.

The property was sold for $15.6 million following an Expressions of Interest campaign handled by Jon Tyson and Michael Harcourt of Savills Retail Investments, which attracted in excess of 150 enquiries and multiple offers, reflecting a yield of approximately 7.35%.

Rededge Redland Bay Shopping Centre incorporates a mix of complementary uses, including a medical centre, chemist, dentist and newsagent, plus a range of food retailers and service tenants.

Savills Director of Retail Investments in Queensland, Jon Tyson, said the sale of the Rededge Redland Bay Shopping Centre continues the strong run of convenience shopping centre sales in the suburban Brisbane market.

“Convenience-based centres in high profile locations with main road exposure are one of the best performing sectors of the buoyant retail investment market.

“In particular, well-established centres with a popular supermarket offering and quality mix of supporting tenants are very highly sought after by investors,” Mr Tyson said.

Set on a 5,171sq m site on the corner of Cypress Street and School of Arts Road at Redland Bay, the centre benefits from high profile exposure and access to the area’s main arterial Cleveland-Redland Bay Road.

Campbell Newman, a Director of Arcana Capital, said the Rededge Redland Bay Centre presented a rare opportunity to acquire a dominant local convenience centre.

“Anchored by a strongly trading IGA, Rededge has a dynamic balance of retail, medical, service, education and food tenants,” Mr Newman said.

Mr Harcourt said the sale of Rededge Redland Bay Shopping Centre was the latest of eight Queensland convenience centre transactions by Savills Retail Investments so far in 2017, with over $100 million in convenience centre deals either settled or underway.

This transaction represents the second time Savills has sold the convenience centre, having previously sold the property to the vendor in 2014 on behalf of the centre’s developer.