Centre sold in $24m deal

Morayfield Village retail centre has been sold for $24.625 million to a private Sydney-based investor.

Colliers and JLL conducted the sale which attracted 13 formal offers valued at $285 million for the site at 177-189 Morayfield Rd.

The 6916sqm large-format retail and convenience centre includes Repco, Mr Toys Toyworld, Choice The Discount Store, with eight speciality retailers.

“This campaign drew exceptional buyer depth, with 250 inquiries,” Harry Dever, Associate Director of Queensland Retail Middle Markets at Colliers said.

“Demand across South-East Queensland remains incredibly strong, fuelled by rapid population growth, resilient retail performance and ongoing infrastructure investment that continue to drive long-term confidence in the sector.”

Ned McKendry, Associate Director of Retail Investments at JLL, added: “Well located assets that provide security of income via strong lease covenants continue to attract the most aggressive capital.”

The sale was managed by Harry Dever and James Wilson of Colliers, alongside Ned McKendry and Jacob Swan of JLL.