Yeronga Village Fetches $21.5 Million in Heated Bidding War

Yeronga Village has been sold for a cool $21.5 million, showcasing the robust demand for retail properties in the city.

JLL’s Ned McKendry, Jacob Swan, and Liam Cox managed the sale, which attracted intense interest and resulted in six bids during a competitive Expressions of Interest campaign.

Located at 429 Fairfield Rd, Yeronga Village has become integral to the local community, offering a diverse mix of essential services and everyday conveniences.

JLL’s Ned McKendry attributed the centre’s appeal to its prime location and strong tenant mix, catering to daily needs, which make it a beautiful investment. He emphasised that retail assets in metro areas are still highly sought after due to consistent tenant demand and the underlying land value they represent.

He added that the overwhelming response to the EOI campaign underscores this appetite’s enduring strength.

In the current economic climate, Jacob Swan highlighted the trend of private investors seeking assets anchored by resilient retailers capable of navigating upcoming rent reviews. He pointed out that construction challenges limit new developments, making retail assets increasingly scarce and creating a significant demand-supply imbalance across south east Queensland’s retail investment market.

Liam Cox expressed optimism about the future of the retail sector. He noted that the lack of new supply drives income growth for existing assets, as strong population growth fuels leasing demand and rental increases.

The sale of Yeronga Village indicates the ongoing strength of Brisbane’s retail property market. Investors recognise the value of well-located assets offering diverse services to the community.

Published Date 25-September-2024