Investors pay $18m for Coast shopping centre
BRISBANE based boutique property investment managers Marquette Properties has purchased the Caloundra Village Shopping Centre for $18million.
Marquette acquired the centre as a syndicated investment in a deal brokered by Savills Peter Tyson, Dustin Welch and Peter Capps and was struck at an initial yield of 6.89%.
Caloundra Village comprises an open convenience based neighbourhood shopping centre, situated adjacent to Caloundra's CBD, at the southern end of the Sunshine Coast.
The 3009sq m complex is anchored by a Princes' Supa IGA supermarket, supported by 14 specialty shops, with traders including Post Office, Direct Chemist Outlet, Cruiseabout Travel and BWS.
The centre occupies a 7764sq m site, with frontage to Ormuz Avenue, Bingera Terrace and Wyreema Terrace and features on-site parking for 112 vehicles.
The sale followed an expressions of interest campaign managed by Savills.
Savills' Peter Tyson said the campaign attracted strong interest reflecting the active retail market.
"Buyers were attracted to the strong trading performance and defensive convenience format.
"The Centre is popular with both local residents and seasonal holiday makers.''
Mr Tyson also said that the Centre also featured long-term future redevelopment potential.
"As a large CBD land holding with three street frontages and a multi-story zoning, council is in the process of implementing a new Caloundra CBD Renewal Project. This will lay the foundations for new development, with increased height and densities as well as investment in public infrastructure.''
1 Ormuz Ave
What: Caloundra Village Shopping Centre
Features: 3009sq m complex anchored by Supa IGA supermarket and 14 specialty shops on 7764sq m site in CBD
Result: Sold for $18million
Agent: Peter Tyson at Savills Brisbane and Dustin Welch of Savills Sunshine Coast
Contact: (07) 5313 7519, (07) 3002 8807