City investors trade small South Coast mall
A Melbourne investor has sold a NSW South Coast shopping centre held five years.
Tuross Head Shopping Village at 38-52 Evans Road found favour with a Sydney investor for $5 million – a seven per cent net passing yield (or 8.5pc gross) .
The 1233 square metre L-shaped complex contains 16 stores – a mix of retail, dining, a tavern, bottle shop and medical centre.
The 4915 sqm site includes 67 car parks.
“This is a quality free-standing asset offers exceptional flexibility and future growth opportunities,” Greenlees Property’s Dan Greenlees, who brokered deal, said (continues below).
“Its location within a growing residential suburb combined with strong economic growth drivers including the new $330m Moruya Regional Hospital due for completion in 2027 and over $1 billion in government and private investment across Eurobodalla Shire to service the forecast 11.8pc population growth over the coming years, made it a standout opportunity for investors looking for a secure return from a diverse tenancy-mix, and as a land bank with future development potential,” he added.
“It also stands to benefit from a 90 lot housing estate under construction nearby, expanding the local trade catchment,” according to the executive.
In the Eurobodalla region, the property is about 160 kilometres south east of Canberra.
Subscribe to our newsletter at the bottom of this page.
