WA Commercial Property Trust has acquired a prominent Sunshine Coast retail development on Nicklin Way for $9.92 million in what is the property's first change of hands in 25 years.
Located at 1 Eden St, Minyama, the fully leased property benefits from a high-profile corner position and is occupied by some well-known retailers, such as Snooze, Barra Jacks, Carpet Call, Whitworths and Mr Toys World.
The 5838sq m landholding is comprised of 3212sq m of retail space in a semi-modern, single-storey retail showroom. The property generates a nett passing income of about $748,000 per annum.
CBRE's Tony Justo and Rem Rafter said the property represented an outstanding investment opportunity to gain a presence in one of the most sought-after retail precincts.
"Not only is this property positioned on one of the Sunshine Coast's busiest arterial roads in a tightly held commercial showroom precinct but it offered a secure investment with consistently high occupancy," Mr Justo said.
"Since opening in 1988, this site has enjoyed an impressive 100% occupancy and continues to be in demand by tenants due to its strong exposure, national tenant profile and ease of access."
The current tenants have occupied the retail precinct collectively for more than 99 years, with an impressive WALE of 5.2 years.
Mr Rafter said the offers-to-purchase campaign attracted strong interest from investors.
"In evidence of the property's investment appeal we received 10 written offers, five being unconditional and the top four within the yield range of 7.54% and 7.8%," Mr Rafter said.