SCA Property Group has concluded the purchase of south east Queensland’s Cooloola Cove Shopping Centre.
The $18.66 million deal reflects a 5.85 per cent yield which is a regional state record, Savills’ Peter Tyson said.
Vendor Altor Capital paid $12.85m three years ago.
The Woolworths anchored complex includes 10 specialty stores.
Cooloola Cove is about 50 kilometres north east of Gympie (story continues below).
SCA announced the purchase at its 1H21 results.
Altor introduced new tenants, including a medical centre, and re-set leases prior to offering it.
“The original acquisition suited our investment model,” director Phil Rhodes said. “We were attracted to the yield and growth potential, underpinned by long lease security to Woolworths and the ongoing population growth”.
Mr Tyson added the complex is the dominant food and service destination in a wide catchment capturing Tin Can Bay and Rainbow Beach.