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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