Mintus grabs Brisbane's Underwood Marketplace for $62.5M

What's the deal? MintusDealroom has a profile for this one. Try Dealroom → has acquired Underwood MarketplaceDealroom has a profile for this one. Try Dealroom →, a sub-regional shopping centre near Brisbane, in a competitive $62.5 million transaction. The centre sits 16km from the Brisbane CBD on Logan Road, spanning 13,828sqm of gross lettable area on a 4.08ha site.

What's inside: Woolworths and Big WDealroom has a profile for this one. Try Dealroom → anchor the centre, together occupying 70% of the lettable area. They sit alongside 50 specialty tenancies, including Priceline PharmacyDealroom has a profile for this one. Try Dealroom →, Coffee ClubDealroom has a profile for this one. Try Dealroom →, DominoDealroom has a profile for this one. Try Dealroom →'s, and Australia PostDealroom has a profile for this one. Try Dealroom →.

What's the endgame? Mintus plans a refurbishment and a strategic leasing program to strengthen the mall's trade-area position. The centre also complements Mintus' other sub-regional asset in nearby Beenleigh.

Why now? CBREDealroom has a profile for this one. Try Dealroom →, which managed the sale, cited scarce supply against rising investor appetite. "This campaign demonstrated the pent-up demand we are seeing for the sub-regional sector, given the low volume of supply offered to the market," said Queensland state director Michael Hedger.

By the numbers: Underwood is CBRE's fourth sub-regional sale in 12 months, a run totalling $256.8 million across four assets, including Whitsunday Plaza and Gympie Central.

The signal: Investors are converging on sub-regional retail for its non-discretionary tenant base, growth potential, and repositioning upside. As CBRE's Joe Tynan put it, appetite for these assets "shall remain strong" — a reflection of where capital is flowing in Australian retail property.

Read more: Shopping Centre News

Image credit: Generated with Gemini