Clarence Property is excited to announce we have purchased Metro Middle Park, a neighbourhood shopping centre in Brisbane’s fast-growing southwest, for $40.4 million.
Through our flagship Clarence Property Diversified Fund, the acquisition marks another major metro investment for us, following our $119 million purchase of 120 Edward Street in Brisbane’s CBD last year.
Metro Middle Park is a single-level neighbourhood shopping centre anchored by a strong-trading Coles supermarket, supported by 38 specialty tenancies across 6,411 sqm of gross lettable area.
Ben Somerville, our Head of Capital Transactions at Clarence Property, said “Metro Middle Park is a great example – a rare, tightly held metro Brisbane retail centre anchored by a national tenant in a highly convenient retail destination for the growing Centenary suburbs, including Jaboree Heights, Riverhills, Westlake and Mount Ommaney. ”
Clarence Property CEO, Simon Kennedy said, “We’re continuing to pursue strategic additions to our over $800 million strong portfolio across retail, commercial, industrial and residential sectors – and Metro Middle Park fits that mandate perfectly.
“The centre is well positioned to deliver strong income performance in the short term, while offering future uplift via retail repositioning over time.”
The sale was negotiated by Peter Tyson of Savills along Ben Somerville, our Head of Capital Transactions at Clarence Property.
