Brisbane s DFO Jindalee bagged for 46.6 million

Brisbane’s DFO Jindalee bagged for $46.6 millionA local private investor has snapped up one of the last vestiges of the failed Austexx Group’s DFO empire in a deal worth $46.6 million.The DFO Jindalee retail centre in Brisbane’s western suburbs has sold to the locally-based Taiwanese Wen family on a yield of around seven per cent.The deal was struck by Peter Tyson of Savills, following a formal marketing campaign conducted in 2015. Tyson says the sale process drew strong interest from a wide range of investor groups and generated nine competitive bids.”DFO Jindalee is one of only two dedicated direct factory outlet centres in the Brisbane trade area and the new owner plans to continue the DFO operation and retain the centre’s branding,” Tyson says.Situated on the Centenary Motorway, DFO Jindalee currently services around 488,000 residents. This is forecast to grow to 721,000 by 2026.Developed in 2007, the centre features more than 80 tenants and 16,485 sqm of gross lettable area. Anchored by national brands including Nike, Adidas, Puma, Bonds and Jeans West, the complex sits on 3.927 hectares. It generates a fully leased net income of $3.81 million.The sale follows Brisbane-based Sentinel Property Group’s acquisition of DFO Cairns for around $40 million in October. The Jindalee and Cairns centres are among the last remaining assets held by the failed Austexx group.The Wen family owns a string of shopping centres throughout Queensland worth around $200 million. In 2014, the family purchased Centro Springwood for $53 million from the former Federation Centres.