Hinkler Central sells for $110 million to QIC

HINKLER Central has been sold by Mirvac for $110 million to QIC during what has been described as “unprecedented demand for sub-regional shopping centres”.

HINKLER Central has been sold by Mirvac for $110 million to QIC, a government-owned corporation, during what has been described as "unprecedented demand for sub-regional shopping centres".

"The demand for quality sub-regional retail assets combined with the lack of product in 2015 will lead to further cap rate compression for quality centres like this," said Dan MacGillivray, head of retail investment services at Colliers International.

"This modern, well-presented centre enjoys exceptional productivity with levels well above Urbis benchmarking, which proved highly attractive to investors."

The centre drew strong interest from local and international investors, resulting in a competitive sale process.

The sale was brokered by Lachlan MacGillivray and Stewart Gilchrist of Colliers International and Sam McVay and Dan McVay of McVay Real Estate.

"High quality sub-regional assets in Queensland rarely come on the market," Sam McVay Estate.

"Only six such centres have traded in the sunshine state over the last two years, with only three of those offered in 2014. So a quality asset like Hinkler Central is always going to draw strong interest."