Gold Coast’s Miami One Shopping Centre has sold by Brisbane investors Ham Brothers for $31.88 million.
On a 7829 square metre plot, the 4657 sqm neighbourhood shopping centre has the potential to earn $2.22 million per annum in rent if it were fully let.
On that basis it is selling on a market yield of 6.9 per cent.
Based on the income the asset currently derives, however ($2.04 million), the passing yield is 6.4 per cent.
Miami One (pictured top and left) is anchored by supermarket Coles, which leases 2248 sqm. Some of the 29 occupiers in the specialist component of the centre include Australia Post, Liquorland, Noddle Box, Pet Warehouse, Pizza Capers, Raine & Horne and Sushi Train. The centre also includes 205 car parks.
The island site is bound by the Gold Coast Highway, Toombul and Nundah avenues and Sunshine Paradise.
The brokers added that the asset benefits from a lack of competition – with limited large landholdings in the area able to accommodate a rival centre.
The expressions of interest campaign for the site known as 1930-1934 Gold Coast Highway closed on July 5.