Rocks Shopping Centre Sells For $9 Million
The Australian Financial Review has reported that the Rocks Shopping Fair on the NSW North Coast has been sold for $9 million.
Brokered by CBRE's Nick Willis and Craig O'Donnell, the centre was purchased by MPG Funds Management, which reflected a yield of 6.4 per cent.
Mr Willis said they received 11 expressions of interest from investors.
Speaking to the AFR, Nick Willis said, "The sale comes after we conducted a highly competitive on-market campaign in November-December 2015.
"This strong level of interest is testament to the depth seeking to acquire neighbourhood shopping centres with strong fundamentals, regardless of their..location," Mr Willis said.
The shopping centre comprises 4547 square metres anchored by Coles, who account for almost 35 per cent of the centre's income.
