Sunshine Coast Woolies collects $13.8m
Interests associated with the state’s Hutchinson Builders have collected $13.75 million from a recently refurbished and relet Woolworths at Maleny, south west of Maroochydore.
The deal for 2 Bunya Street, with an interstate private investor, reflects a 5.12 per cent net passing yield.
It is one of only three freestanding Woolworths supermarkets in the state, according to marketing agents, Stonebridge Property Group’s Thomas Proberts, Michael Collins, Philip Gartland and Justin Dowers.
Woolworths has occupied since new; its pre-commitment when another developer, Cornerstone Properties, proposed the complex in 2005 was met with community objection and a campaign for the council to buy it.
Uniton Pty Ltd picked up the development site the following year.
The deal comes three days since we reported sports doctor Peter Brukner sold a west Sydney Woolworths for $19m – a 4.74pc return.
Earlier this month meanwhile, Charter Hall bought a Cootamundra’s asset anchored to Woolworths – also for $19m – but a 5.5pc yield.
Woolworths Maleny
On 5225 sqm zoned District Centre, the Melany Woolworths contains 109 car parks – some under cover.
Uniton recently completed a $4m renovation of the 2038 sqm improvement.
It renewed the tenant too, until 2031 with five options, each of five years, to 2056.
Woolworths also pays turnover rent.
Six offers came in following an expressions of interest campaign launched last month.
“Clear appreciation was shown for the rarity of the offering as investors become increasingly aware of the challenges in delivering single-tenanted supermarket and retail assets in today’s construction environment,” Mr Proberts said.
“This drove national interest,” he added.
Maleny is about a 40 kilometre drive from Maroochydore.
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