Brisbane-based property investment managers, Marquette Properties, have acquired the Caloundra Village Shopping Centre for $18 Million.
Marquette purchased the centre as a syndicated investment in a deal brokered by Savills Peter Tyson, Dustin Welch & 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, on Queensland’s Sunshine Coast.
The 3,009 square metre 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 7,764 square metre site, with frontage to Ormuz Avenue, Bingera Terrace and Wyreema Terrace and features onsite 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,” he saidTyson also said that the Centre also features long term future redevelopment potential.
“As a large CBD land holding with three street frontages and a multi-story zoning, Council are in the process of implementing a new Caloundra CBD Renewal Project, which will lay the foundations for new development, with increased height and densities as well as investment in public infrastructure,” Tyson said