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  • Property trust secures $9.92m Minyama retail development

Property trust secures $9.92m Minyama retail development

22 April 2015
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Brisbane, 23 April 2015 – W.A. 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 Street, Minyama, the fully leased property benefits from a high profile corner position and is occupied by some well-known retailers Snooze, Barra Jacks, Carpet Call, Whitworths and Mr Toys World.

The 5,838sqm landholding comprises 3,212sqm of retail space in a semi-modern, single storey retail showroom. The property generates a net passing income of approximately $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 and long term tenants,” 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 attractive strong interest from a range of investors.

“In evidence of the property’s investment appeal, we received ten written offers, five being unconditional and the top four within the yield range of 7.54% and 7.8%,” Mr Rafter said.

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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.​

 

 

 

 

 

 

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