Miami shopping centre earns $9.1m from local
A Gold Coast investor is paying $9.1 million for the Miami Village shopping centre.
The price for 110 Mountain View Road, Miami – about eight kilometres south of Surfers Paradise – reflects a 5.96 per cent yield.
With 1579 square metres of lettable area, it is fully leased; tenants include supermarket SPAR , bottle shop BWS, a dentist, medical centre, vet and Italian restaurant.
Metro Petroleum rents a standalone service station.
The structures cover less than a quarter of the 7160 sqm site.
The property was once held by KGS Holdings, which sold for $5.3m in 2010 (story continues below).
It traded again in 2014 to a Sydney investor.
The latest deal was negotiated off-market by Ray White Commercial’s Thomas Clark and Ryan Langham.
In 2018, Brisbane’s Ham Brothers banked $31.88m for the Miami One retail complex at nearby 1930-1934 Gold Coast Highway – a price which reflected 6.4pc passing yield.
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