Miami One sells for $31.88 million
Brisbane investors the Ham Brothers have sold Gold Coast’s Miami One shopping centre for $31.88 million.
On 7829 square metres, the 4657 sqm neighbourhood complex has the potential to earn $2.22 million per annum if it were fully let.
On that basis it has sold at a 6.9 per cent market yield.
Based on the income the asset currently derives however ($2.04 million), the (passing) yield is 6.4 per cent.
Miami One is anchored by Coles, with 2248 sqm. Some of the 28 other occupiers 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 marketing agents, JLL’s Jacob Swan and Sam Hatcher, with Colliers International’s Stewart Gilchrist, said more than 40,000 vehicles pass Miami One daily.
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.
