Drake family buys mall from landlord
The owners of independent supermarket chain Drakes have bought Gympie Marketplace from the landlord.
The 7888 square metre complex, with specialties including a pharmacy and a bottle shop, and a medical centre, set it back $9.3 million – a 6.91 per cent net passing yield.
It previously traded 10 years ago.
CBRE’s Harrison Coburn and Mikeala O’Farrell brokered the latest deal.
Upgrade planned
Gympie Marketplace at 12 Reef Street contains 3296 sqm.
The weighted average lease expiry is 7.3 years.
There are also 206 car parks.
“We plan to immediately invest in a significant cosmetic upgrade to the store with works scheduled to commence before Christmas,” Drakes Supermarkets’ General Manager, Bog Soang, said.
“The acquisition of Gympie Marketplace reinforces our long term commitment to the region and as a group is something that we’re extremely excited about,” according to the executive.
The group was established in 1974 by the Drake family.
Below replacement cost
Mr Coburn added the complex is being purchased “significantly” below replacement cost.
Eight offers came in following an expressions of interest campaign.
“The future value add potential, resilient and diversified tenant mix and strong performing anchor tenant were all key drivers,” the agent said.
Gympie is 67 kilometres north west of Noosa and 170km north of Brisbane.
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