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The Everton Plaza shopping centre in Brisbane’s inner northern suburbs built almost 50 years ago has new owners with plans for a major redevelopment.

Everton Plaza was bought by Brisbane-based private investors for $27.7 million after an expressions of interest campaign by CBRE’s Michael Hedger and Joe Tynan.

Mr Hedger said the campaign attracted more than 94 local and offshore inquires with 11 formal offers from institutions and private investors who were attracted to the value add potential of the centre.

“Along with experienced retail property development firm, Reds Group, the new owners plan to reposition the centre and to invest significant capital to turn the 1969 built centre into a popular retailing destination that supports the strong demographics within the Main Trade Area (MTA),” he said..

The developer Reds Group has experience in delivering retail centres locally and nationally, including intimate food and beverage precincts.

The Everton Park neighbourhood centre is anchored by a Coles supermarket and includes two mini-majors and 30 specialty retailers. Key tenants include the Everton Park Medical Centre, Fernwood Fitness, Australia Post, BWS, ANZ and Chemmart Everton Park.village-buzz-everton-plaza

Based on the current net income, the sale was struck at a yield of 7.1 per cent.

Mr Tynan said buyers were attracted by the centre’s prominent location and affluent MTA, with household income being about 14 per cent higher than the Brisbane metropolitan average.

“While the low cost of debt remains available, we will continue to see a gradual firming of yields, especially with centre’s that offer a significant value uplift with repositioning options.”

Just 9km northwest of the CBD, the property has a gross lettable area of 7198sq m and is on a large inner city landholding of 17,504sq m, providing parking for 230 cars..

It benefits from frontage to two major arterials — Stafford and South Pine roads — and proximity to multiple transport links.

Reds Group spokesman Bronwyn Timms said the focal point of the Everton Plaza’s redevelopment would be a new casual laneway dining precinct known as Park Lane.

“The development is the vision of Reds Group, who has experience in delivering retail centres locally and nationally, including intimate food and beverage precincts,” she said.

“A key attraction for the buyer group was the centre’s strong inner city demographic which has been supported by the interest to date from some of Brisbane’s well known A-grade food and beverage retailers.”

Word on the street from the centre’s tenants is that the new owner has kept them in the dark re developments. With many tenants saying that they have no idea what’s going on.

Some tenants have had people (potential tenants) walk through their store and talk to the current tenants about when they are moving in…and the current tenants are like what?

We haven’t been told anything… and apparently the jewellers store is right in the middle of a planned mall of some sort, except they have no idea what is going on or where they are going….

We would love to learn what you may have heard, as well as what you would like to see happen at Everton Plaza. Let us know.

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Hicks Real Estate is a Brisbane based, full-service real estate agency supporting buyers and sell as well as renters and property investors. With almost 20 years experience in the local market, we are the real estate experts you can rely upon.