Riverside Plaza in Queanbeyan sold

Jones Lang LaSalle has confirmed that the sale for the large shopping centre has been completed.

The sub regional asset had been on the market under an expression of interest campaign since March and it had been reported that a deal was close between owners of Riverside AMP Capital and the CFS group.

Colonial First State's Enhanced Retail Fund acquired the asset on an 8 per cent yield.

Jones Lang LaSalle head of retail investments Australia Simon Rooney said he continued to see very high levels of activity in the sub-regional sector, with more than $1.8 billion of transactions last year.

He said this was a record for the Australian market and he expected to see the demand continue this year.

Mr Rooney said unlisted funds had been one of the major drivers of sub-regional transaction activity on both the buy and sell side.

"Yields for sub-regional centres remain attractive to an increasing range of investors and we are seeing stronger levels of demand from listed and unlisted buyers alike," he said.

JLL research shows median yields for sub-regional centres nationally tightened by about 10 basis points in the first quarter of the year to 7.57 per cent, with a range between 6.5 per cent and 10 per cent.

Queanbeyan Business Chamber president Jamie Cregan said at the time the shopping centre was offered for sale that a buyer would be showing a strong vote of confidence in Queanbeyan.

He said it would be likely that a buyer would look at investing money in the site.

"It is a very large piece of real estate in Queanbeyan and if things can be done to improve its appearance then that will have large flow-on effects for the CBD," Mr Cregan said.