South Coast mall fetches $10m
A small but popular shopping centre at St Georges Basin on the NSW South Coast has traded between private investors for $10.05 million.
The deal for 136 Island Point Road reflects a 7.05 per cent net passing yield.
IGA is the anchor on a lease expiring 2032.
With 2077 square metres, there is also a pharmacy, café, hairdresser and discount store.
The site spreads 7647 sqm with second street access.
Eleven offers came in, according to marketing agency Burgess Rawson – which added the property was listed for auction February before becoming an EOI campaign mid-way through that campaign.
The investment previously traded in 2014 for $6.9m.
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