Brisbane, 12 December 2014 – An investor has paid $9.75 million for the Emu Park Shopping Village.
Emu Park lies north of Rockhampton, with the village sitting on 16-22 Emu Park Road. The village occupies 2805sqm, and is anchored by a small Supa IGA convenience store. The three year old centre changed hands in March earlier this year for $7.1 million.
CBRE’s Michael Hedger Hedger and Chesterton International’s Glenn Conridge negotiated the sale after an expression of interest campaign. The transaction represented a passing yield of 8.6%.
Mr Hedger said; “The campaign generated more than 50 inquiries from local, interstate and offshore investors, and six offers were tabled.”
“It was bought as a passive investment. Properties like this are highly sought- after, given the long-term strength of the anchor tenant and the food specialties,” he said.
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