News

Chinchilla Woolworths sold for $20 million

The Chinchilla Woolworths has been sold for $20 million to a Melbourne-based private investor.
The Chinchilla Woolworths has been sold for $20 million to a Melbourne-based private investor. Contributed

THE sale of Woolworths Chinchilla to a Melbourne-based private investor for $20 million has been hailed as a vote of confidence in Chinchilla's property market.

Surat Basin Property Group's Greg West said the acquisition, which was announced on Friday, was a positive for the region.

"From what I'm reading there was about 35 people tendering at it, which is probably an indication that the property market has definitely reached the bottom and is turning around when you're seeing a sizable transaction like that happening,” Mr West said.

"It's pretty exciting for the property market.”

Michael Hedger and Joe Tynan of CBRE's Queensland Retail Investments team negotiated the sale on behalf of a Brisbane based private owner.

The fully leased neighbourhood centre has a gross lettable area of 3878qm and is anchored by a strong performing, 2808sqm Woolworths supermarket.

Mr Tynan said the Expressions of Interest campaign attracted strong interest with over 70 inquiries and multiple offers received at the close.

This significant demand translated to a yield on the sale of 6.38%, which reflected $5171 per square metre of building area.

A sale at a higher yield of around 10% would have signified less confidence in the local property market.

The purchaser is experienced in the ownership of shopping centres with existing retail interests in Queensland.

Mr Hedger said with interest rates at an all-time low, investors are increasingly looking at alternatives to low yielding investments such as term deposits.

"This is driving demand for smaller neighbourhood and supermarket-based retail centres which are less management intensive and offer long weighted average lease expiry profiles,” Mr Hedger said.

"We have observed that a growing number of south-east Queensland retail owners are considering their options, given the current strength of buyer demand.”

Topics:  cbre, sale, woolworths


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Workplace horror: Doctors use toe to replace crushed thumb

Dean Reid lost his ring fingers on both hands and his right thumb when industrial rollers he was working with closed on him in May last year.

Why National Safe Work Month is so important

Teacher sent naked pics to student, flirted on Grindr

Relationship exposed when teacher went to school's pastor

WATCH: Police release CCTV footage of Goodna robbery

An armed robbery took place at the IGA in Goodna at 6am this morning (27-9-16).

Masked men armed with large hammer hold up store

Local Partners

Accused in strangulation case denied bail

A man accused of strangulation in a domestic relationship following a violent disturbance at a Redbank Plains address on Thursday has been denied bail.

Toddler taken to hospital with snake bite

The red bellied black snake caught by Christian Andersen.

Young patient assessed after puncture wounds found

Workplace horror: Doctors use toe to replace crushed thumb

Dean Reid lost his ring fingers on both hands and his right thumb when industrial rollers he was working with closed on him in May last year.

Why National Safe Work Month is so important

WATCH: Police release CCTV footage of Goodna robbery

An armed robbery took place at the IGA in Goodna at 6am this morning (27-9-16).

Masked men armed with large hammer hold up store

Driver assaulted, threatened with knife before being robbed

Thieves stole wallet and laptop computer from motorist

Who says there are no killers in the river?

No Caption

Bull sharks plentiful in popular swimming locations

Woman's $400 fine for late night 'white trash' street row

court generic

Teen's job keeps her out of trouble, court hears

Four taken to hospital after crash near school

Queensland Ambulance Service on scene of an accident.  Photo Brenda Strong / The Observer

Four females injured in two vehicle crash

Classic car auction draws buyers from US, Dubai

"He wants everyone to enjoy the cars, the collection got too big'

Sludge metal heaven served up across Australia

Black Rheno bring their stripped back sludge metal through regional Australia.

Black Rheno to hit a town near you

Prog metal upstarts to tour Australia

Caligula’s Horse, one of the country’s most exciting and innovative progressive bands, will hit the road for a national tour in November.

Australian prog masters announce national tour

Debra Messing wants to do a 'naughty' Will and Grace reunion

'Will & Grace' star Debra Messing wants a "naughty" reunion

Brad Pitt and Angelina Jolie 'working on custody agreement'

Brad Pitt and Angelina Jolie are thrashing out a custody agreement

10 of the worst wedding day disasters

Getting hitched without a hitch. That's the aim, right?

Trump's comments make light of statutory rape

Trevor Noah has gone to town on Donald Trump's sexism

Beach-side real estate starts at $85k on Fraser Coast

HERVEY BAY REAL ESTATE: You can buy this townhouse in Scarness for under $300k.

Live your beach-living dream locally.

$40million hotel, shops development project for Mackay

Mt Pleasant hotel and retirement accommodation, proposed at 194-202 Malcomson St.

$40m development to take Mackay to 'the next level'

Five ways to slash household bills and save the environment

THINK GREEN: Considering the environment when building or buying your next home can save you big dollars. The Village Building Company, who is responsible for Woodlinks Village at Collingwood Park, builds homes with this front of mind.

THERE is nothing as sweet as slashing dollars from your bills.

Property 200m from ocean selling for just over $100K

BEACHCOMBER PARK: Work has started on a new $19.2 million development at Toogoom.

The estate's developer is offering huge discounts for early buyers.

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

First stages of $25 million housing development underway

New development on Madsen Rd - The Springs.

The blocks of land are much bigger than usual