Gordon Corp sells Morayfield Village
Gordon Corp has sold a Moreton Bay large format retail complex bought five years ago from Kaufland.
The Gold Coast based developer and investor banked $24.625 million for Morayfield Village, 46 kilometres north of Brisbane’s CBD.
It outlaid $10.5m.
Kaufland only held about a year, intending to repurpose it as a hypermarket to occupy, before deciding against expanding to Australia.
The Germany based retailer paid Bob Ell’s Leda Holdings $20.5m.
The incoming owner comes from Sydney.
The result reflects a 6.87 per cent net passing yield.
Refurbished asset
On 1.7 hectares with 269 car parks at 177-189 Morayfield Road, Morayfield Village contains 6916 square metres, four per cent of which is vacant, and 269 car parks.
Also exposed to Leda Boulevard and William Berry Drive, it is passed by more than 25,000 vehicles a day, the marketing agents said.
There are three large tenancies, occupied by Repco, Choice The Discount Store and Mr Toys, and eight specialty stores. Bank of Queensland and Subway are other tenants.
The improvement covers 40.6pc of the site.
It neighbours Morayfield Shopping Centre, with 59,300 sqm anchored to Aldi, Big W, Coles, Kmart and Woolworths.
Gordon Corp, led by Tim Gordon, refurbished in 2021.
It was represented for the sale by Colliers’ Harry Dever and James Wilson with JLL’s Ned McKendry and Jacob Swan.
Morayfield is about 61 kilometres south of the Sunshine Coast.
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