The Toowooomba deal highlights the dynamic of smaller non-discretionary-shopping assets holding their value as larger shopping centres feel the pinch.
Coles’ development arm has set a Queensland record with the $27.4 million sale of its Toowoomba supermarket and liquor outlet, in the latest evidence that small malls and retail properties are holding their value amid choppy conditions for the sector.
Colliers’ James Wilson, who brokered the Toowoomba supermarket with colleagues Stewart Gilchrist and Dan Dwan, said there had been more than 200 inquiries from both domestic and international buyers for the retail asset. For destination centres – the category includes major regional and subregional malls – yields jumped to 7.3 per cent by December. For everyday needs centres – which take in convenience centres, neighbourhood malls and standalone supermarkets – yields have tightened to 4.5 per cent.
“The Epping property was identified as a strategic landholding, with low site coverage and planning controls that supports more intensive mixed-use development,” Forza Capital’s Ashley Wain said.
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