$10 million-plus for The Milton's retail and commercial portfolio in JLL multi-deal
Mix of owner-occupiers and private investors secure space in Brisbane’s inner west
JLL's Campbell Bowers, left, and Sam Byrne at The Milton in Brisbane. Photo: Peter Wallis
JLL's Retail Investments team, led by National Director Jacob Swan together with colleagues Sam Byrne and Campbell Bowers, has realised a combined sale price exceeding $10 million for The Milton's retail and commercial portfolio in Brisbane's inner west.
The Milton was developed as a transport-oriented development and incorporated within the Milton train station, approximately 2km west of the Brisbane CBD.
The portfolio included an office component of two vacant podium suites totalling 1237sqm, along with a retail component of four separate retail tenancies leased to local and international food and beverage operators including Max Brenner, La Stazione and Ribs & Rumps. The retail tenancies were on long-term leases, all between seven and 10 years.
Five separate transactions were completed by the team.
Mr Byrne said the office lots were sold to separate owner-occupiers.
"One owner-occupier relocated from Ashgrove, the other relocated from St Lucia; one is in education, the other in software development," he said.
"The retail lots sold to a mix of private investors; one based in Cairns, the other in Brisbane."
Mr Bowers said the nature of the offering attracted a broad buyer base including owner-occupiers and investors.
"The price point (sub $5 million), long-term leases and highly recognisable tenant profile of the retail investments was a highly sought-after proposition in the current market and therefore generated interest from an abundance of self-managed super funds and high-net-worth individuals," he said.
"The Milton is a standout development in a well-planned and a thriving inner-city location.
"Buyers were also attracted to population growth within the inner-city that would support businesses in the precinct. New residential apartment development is now driving population growth in Milton, typically a commercial area."