EG has acquired a fully-leased retail asset in Redcliffe, Queensland for $19.29 million on behalf of its Private Wealth division.
The property is located adjacent to Bluewater Square Shopping Centre approximately 38 kilometres north of the Brisbane CBD. With a weighted average lease expiry of 7.19 years, there are two businesses operating on the property leased to Queensland Venue Co., the Redcliffe Tavern and a First Choice Liquor Superstore.
“The retail asset is located on a prime corner site with a strong tenant backed by two major national organisations, providing a robust income profile,” said EG’s Head of Capital Transactions, Sean Fleming.
With a net passing yield of 5.5% p.a., the asset offers a modern standard of facilties a moment’s walk from the ocean and popular local amenities including malls, museums and parks.
“EG’s Private Wealth Division is pleased to secure this blue-chip opportunity as our portfolio value grows along with the wealth of our wholesale investors despite a competitive market”, said EG’s Head of Private Wealth, Rodney Walt.
The property was secured via an off-market transaction through Jon Tyson of Savills.
EG grows the wealth of their wholesale investors through commercial property syndication opportunities. With capital security and stable income cashflows, EG takes a personalised and aligned approach to every opportunity.
Founded in 2000, EG has $4.3 billion under management on behalf of super funds and private wealth clients to generate outstanding returns with lasting social impact. With $3.9 billion in development pipeline, and 16.7% per annum in realised IRR for institutional funds, EG is committed to finding a better path to better returns.