Queensland-based Aviator Capital has bought Urban Corner at 71 Stanley Street in Townsville for $17 million in a vote of confidence for the regional market.

Previously a Coles-anchored neighbourhood shopping centre, Urban Corner underwent a $6 million repositioning program in 2018, converting it from a retail focus, to a 3654sqm single-level office asset.

“Townsville is an exciting regional market which we believe will benefit from significant infrastructure and investment programs over the medium term,” Aviator Capital managing director Andrew Glen said.

“Aviator Capital continues to grow our funds-under-management with Urban Corner representing the newest addition to our portfolio of commercial assets.”

JLL Queensland handled the sale for a private investor.

“Urban Corner was purchased by the Queensland-based Aviator Capital prior to the commencement of an on-market campaign,” JLL’s Queensland metropolitan sales and investments manager Elliott O’Shea said. 

The deal marks the third transaction in the region by JLL in 2021, with the total exchanged sales volume in excess of $70 million and a further $25 million in assets currently under contract.

“The Urban Corner transaction is another example of the liquidity in our regional markets for the right product,” Mr O’Shea said. 

“There remains high levels of unsatisfied capital still looking within these markets for value that cannot be found currently in metropolitan areas.”