Clarence Property Buys Brisbane Shopping Centre for $31.25m

Property funds manager Clarence Property’s unlisted Westlawn Property Trust has acquired The Zone Shopping Centre at Underwood for $31.25 million.

The 2.85-hectare retail complex is home to national retailers including OfficeWorks, Rebel Sport and Good Price Pharmacy.

Located on the corner of Compton and Kingston roads, the centre benefits from a high-profile position in a high growth catchment between Brisbane and the Gold Coast.

This is the sixth acquisition for WPT, with other commercial and retail assets purchased in Hamilton, Spring Hill and Northgate totalling $34.74 million since October 2017.

Clarence Property managing director Peter Fahey marked Underwood as a good fit for WPT, which has more than $250 million in assets between Yamba and the Sunshine Coast.

"Our target asset allocation for WPT is about 30 to 45 per cent retail, with a focus on high yield neighbourhood shopping centres in growth regions," he said.