Clarence Property has acquired Metro Middle Park, a neighbourhood shopping centre in Brisbane’s southwest, for $40.4 million, marking its latest move to expand within Southeast Queensland’s resilient property market.
The acquisition was made through the Clarence Property Diversified Fund and follows the company’s $119 million purchase of 120 Edward Street in the Brisbane CBD last year.
Located in Middle Park, the centre comprises a single-level retail complex anchored by a Coles supermarket and supported by 38 specialty tenants. It spans a gross lettable area of 6,411 square metres and is situated on a 2.1-hectare site zoned for District Centre (DC1), allowing for future mixed-use development up to four storeys.
Project Highlights:
- $40.4 million acquisition of Metro Middle Park by Clarence Property
- Anchored by Coles and includes 38 speciality retail tenants
- Sits on a 2.1-hectare District Centre-zoned site
- Weighted average lease expiry (WALE) of 3 years
- 301 at-grade car parking spaces
- Represents continued investment interest in Brisbane’s southwest
- Potential for future mixed-use development
- Brokered by Savills’ Peter Tyson
- Clarence Property now manages over $815 million in assets
- Property added to Clarence Property Diversified Fund portfolio
Ben Somerville, Head of Capital Transactions at Clarence Property, said the group was targeting counter-cyclical investments backed by strong fundamentals.
“In a climate where yields have softened and transaction volumes remain subdued, we’re seeing continued value in defensive, convenience-led assets with strong tenant covenants and embedded land value,” Mr Somerville said.
Metro Middle Park sits within the Centenary suburbs retail catchment and services surrounding communities including Jamboree Heights, Riverhills, Westlake and Mount Ommaney. The property offers 301 at-grade car parks and has a weighted average lease expiry of three years.
Simon Kennedy, CEO of Clarence Property, said the acquisition aligned with the group’s long-term investment strategy in Brisbane.
“Brisbane remains one of Australia’s most compelling real estate markets, supported by strong population growth, a deepening infrastructure pipeline, and the long runway of the 2032 Olympic Games,” Mr Kennedy said.
Peter Tyson, National Director at Savills, who negotiated the sale, said Metro Middle Park generated significant buyer interest.
“Neighbourhood centres of this quality, with national anchors and strong local catchments, continue to draw significant interest in a low-supply environment,” he said.
Clarence Property is a diversified property fund manager with a growing footprint across South East Queensland and Northern New South Wales, focusing on retail, commercial, industrial and residential sectors.
