Buyers are snapping up neighbourhood shopping centres around the country, chasing yield and defying the gloom facing the retail sector.

Cautious consumers and a trend to onlne shopping have challenged the retail sector more broadly, but convenience retail abd the largest flagship malls are widely tipped to fare best in the shake-up.

A private investor bought Morningside plaza Shopping Centre in Brisbane for $23.8 million form Melbourne based retail developer and investor Lascorp Development group, led by Michael Lasky and Matt Lasky.

The proerty, about 5km east of the CBD, traded on a 5.1 per cent yield, matching the sharpest ever for a neighbourhood centre deal in Queensland.

Elsewhere, a Melbourne based family snapped up the Caltex service station Holden Hill in Adelaide for $4.45m on a 5.96 per cent yield, while the IGA supermarket in Melbourne’s Coburg sold for $5.95m on a 5.86 per cent yield at CBRE’s Premium Property Portfolio Auction.

CBRE director Justin Dowers said buyer confidence was surging for retail assets offering stronglease covenants with national tenants, despite changes in the wider sector.

Elizabeth Redman
The Australian