Pottsville mall collects $10.2m
The Pottsville Central Shopping Centre, on the Tweed Coast, is trading for $10.2 million between private investors.
Containing 908 square metres, with an IGA supermarket, which is halfway through a 15 year lease, four specialty stores, including one tenanted to Australia Post, and 20 car parks, the sale price reflects a 4.58 per cent yield.
The 1962 sqm site, 11-13 Coronation Street, is the dominant building in the small town centre.
Pottsville is an equal distance – about 30 kilometres – between Byron Bay and Coolangatta.
Seven interested parties
Eight investors registered to bid for the Pottsville Shopping Centre with two eventually going head-to-head (story continues below).
“The growing region’s popularity has been bolstered by city dwellers and sea-changers seeking a new lifestyle in the wake of COVID and flexible hybrid working styles,” Savills’ Jon Tyson, who marketed the asset with Michael Harcourt and Cushman & Wakefield’s Geoff Sinclair and Michael Collins (who this week moved to Stonebridge) said.
“Demand for convenience based shopping centres continues to outstrip supply with buyer interest for retail investments in the Tweed/Byron region remaining particularly robust,” he added.
“We are seeing enormous ongoing demand and capital available for convenience retail that meets consumers daily needs, where supply remains tight,” according to the executive.
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