Townsville large format retail asset sold after 40 years
Unikorn Commercial Property Capital has snapped up a large format retail centre at Townsville offered for the first time since it was developed over 40 years ago.
The Sydney based syndicator paid $11 million – a 7.9 per cent yield – for the Woolcock Centre at 238-262 Woolcock Street, Currajong.
On 2.36 hectares at the south east corner of Dalrymple Road, five kilometres west of the CBD, it contains 5800 square metres leased to 15 tenants, amongst them, Family Life Organics, Nexus Performance, Terry White Chemmart and The Dance Collective.
The weighted average lease expiry by income is 2.58 years.
Knight Frank’s Dan Place and Mark Fitzgerald brokered the off-market deal.
“The buyer was attracted to the asset’s favourable [Mixed Use] zoning, diversified income stream, positive rental reversion, underlying land value and long-term development potential,” Mr Place said, adding that some 36,000 vehicles pass the property daily.
About 7500 sqm of the site could be developed immediately, according to the executive.
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