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Large-format retail stores remain hot property, with the listed Newmark Property REIT snapping up a major centre in Underwood, south of Brisbane, for $57m.
Big malls are under pressure from new waves of the coronavirus and the slow recovery of central business districts but smaller centres directed at meeting daily needs and access to national chains are performing.
The listed Newmark trust bought the 2.8ha Queensland property from the unlisted Clarence Property Diversified Fund which had bought it about five years ago for $31.25m.
The property is next to a new Bunnings store and comprises...