Brisbane, 6 October 2015 –The owners of Yeppoon’s Keppel Bay Plaza have listed the neighbourhood centre for sale in a move tipped to generate significant interest from institutions, private investors and syndication groups. The offering includes the adjoining Railway Hotel and Star Liquor Warehouse.
CBRE’s Peter Rossi and Craig O’Donnell have been appointed to market the landmark shopping complex, which is situated in the CBD of Yeppoon on Queensland’s Central Coast.
The property is being offered for sale by Expressions of Interest closing 5 November, 2015.
“The size of the offering, the property’s high growth location and the strong performance of the anchor tenant Coles which is trading well in excess of industry benchmarks, will ensure the centre has broad ranging appeal,” Mr O’Donnell said.
“We expect that the centre will be strongly pursued by parties who are willing to invest in high quality retail centres in strong regional locations with a lack of opportunities available in metropolitan locations.”
In addition to Coles, the 6,455sqm centre features a Target Country alongside 24 specialties and kiosks including the key service providers in Yeppoon namely Australia Post, 3 major banks which together with Snap Fitness, the Railway Hotel and Star Liquor Warehouse rounds out a dynamic tenancy mix.
Keppel Bay Plaza generates a fully leased net income of approximately $2.3 million.
Mr O’Donnell said the centre’s strong underlying fundamentals would be one of the draw cards for prospective purchasers, as would the fact that the vendors had recently completed a substantial refurbishment program for both the centre and hotel.
“Keppel Bay Plaza has long been the central retail facility in Yeppoon and has proven its resilience as new centres have entered the trade area,” Mr O’Donnell said.
“It is now positioned to enjoy continued growth over the next decade and beyond, drawing on a trade area population which is forecast to grow at 2.1% per annum – well above the national average of 1.4%.”
Mr O’Donnell added that the average household income in Yeppoon was 16.3% above the Queensland non metro average – providing a solid basis for future income growth, particularly in light of the centre’s strong focus on non-discretionary food and service retailers.
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