Sunshine Coast LFR asset sells off-market
Melbourne’s Dimmick family has nearly doubled its outlay on a Sunshine Coast large format retail investment held 15 years.
The 1.18 hectare Noosa Gateway, anchored to Club Lime and Officeworks, 1 Gateway Drive, Noosaville, found favour with a Brisbane investor for $20.15 million – a 5.75 per cent yield.
The seller via its Dimmick Nominees (Vic) Pty Ltd entity, paid $10.8m.
More than 20 years ago, the property was held by Villa World.
CBRE’s Michal Hedger and Louisa Blennerhassett brokered the deal off-market.
Low yield despite short WALE
Club Lime and Officeworks occupy 58pc of the 4446 square metre fully leased complex, also exposed to Eumundi Noosa Road, where it is opposite a Bunnings.
The low yield came despite a short weighted average lease expiry by area – 1.4 years.
“This transaction highlights the continued depth of the retail investment market, with our recent campaigns generating strong enquiry levels across all retail sectors,” Mr Hedger said.
“LFR and neighbourhood centres are in high demand, a trend we expect to continue given recent changes in the debt market,” according to the executive.
Ms Louisa Blennerhassett added “Noosa is a tightly held market and this was one of the only opportunities to acquire a LFR property of scale in the region”.
Also today we are reporting Arcana Capital has sold a Redland Bay shopping centre.
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