A private investor has snapped up Park Ridge Town Centre for a cool $86 million – more than tripling in price in just 10 years.
The centre last sold in 2013 to Perth-based property group RG Property, who paid around $25 million.
National director at Savills Retail Investments who brokered the $86 million deal, Peter Tyson, said the handover of the centre took place in early May 2023.
“They had done what they set out to do,” Mr Tyson said.
“They bought it to expand it and to add value.”
He said RG Property bought the centre in 2013 with the intention of selling it in seven to 10 years after doubling it in size.
“… and that’s what they’ve done,” he said.
Mr Tyson refused to reveal the name of the “private investor”, claiming they preferred to remain “low profile”.
He did, however, confirm they were local.
According to Mr Tyson, there were over 190 buyer enquiries for the centre.
“The centre attracted enquiries from a wide buyer pool, including local, interstate and offshore investors,” he said.
Mr Tyson’s co-director, Steven Lerche, said the buyer was “attracted by the centre’s dominance and strategic location in a major residential growth corridor”.
“… 55 per cent of its income stream underpinned by Woolworths and Coles,” Mr Lerche said.
When RG Property purchased the centre there was no Coles.
It was only in 2016 a renovation upgrade and expansion made room for a Coles, as well as additional specialty shops, fast food stores and fuel pad sites.
A spokesperson for RG Property said they were pleased to “deliver a strong result for investors”.
“We have been able to deliver robust cash flows as well as strong capital growth over the life of this investment,” the spokesperson said.
This sale comes less than a year after RG Property CEO Rhett Williams accused Logan City Council of cutting secret deals behind the company’s back.
Mr Williams appeared unhappy he was left out of council’s Neighbourhood Plan community consultation.
“I’m concerned Logan City Council is making unilateral decisions and redrawing neighbourhood plans behind closed doors, rather than making decisions for the benefit of the whole community,” Mr Williams told MyCityLogan in April 2022.
“I don’t think ratepayers are asking for too much, they deserve to have a say about the future of their suburb.
“RG Property has had a good working relationship with the Logan City Council and is disappointed that on this matter it has not been reciprocal.”
The changes Mr Williams was referring to were in relation to an original agreement to connect Jedfire Street to Doug White Drive.
RG Property did not respond to MyCityLogan’s requests to comment further on the matter.
