South African investor syndicate makes Brisbane convenience centre purchase

A syndicate of South African investors has purchased the Sherwood Court convenience centre in Brisbane’s south-western suburb of Sherwood for $3.9 million.

The Sherwood Road centre was sold with one vacancy but based on the centre's estimated fully leased income, the yield would represent 8.3%.

The vendor of the property was Larrapinta Pty Ltd, a company linked to private family holdings of Ken Woodley - the co-founder of Metro Property Development. Mr Woodley purchased the centre in 2003 for $2.6m.

Michael Harcourt and Peter Chapple of Savills negotiated the transaction.

Sherwood Court has a total net lettable area of 696 square metres and comprises a modern convenience centre, incorporating a mix of retail and service tenants including Bank of Queensland and Australia Post.

Mr Harcourt said the centre was underpinned by solid rental and income growth into the future and also benefited from high-profile exposure.

"Quality convenience retail centres in prominent metropolitan locations are continuing to attract strong interest from private investors, self-managed super funds and smaller syndicators," he added.

The South African buyers of Sherwood Court also own the adjoining ANZ Bank building and a third retail asset in inner Brisbane.

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