Two small malls sell in Queensland
MPG Funds Management is paying $13 million for Sarina Village Shopping Centre, 40 kilometres south of Mackay.
The deal for 4-20 Broad Street, on the south east corner of East, Sarina, reflects a 6.17 per cent passing yield.
Developed in 2007 by Woolworths – the anchor – the 3354 square metre complex includes seven specialty stores.
The 1.02 hectare block also contains 189 car parks.
The Melbourne based manager will slot the asset in the Retail Brands Property Trust which holds nine properties including in Queensland the Beaudesert Central Shopping Centre, 80km west of Brisbane, and a Nambour investment, purchased for $6m in January.
The latest acquisition comes a month since Fawkner Property paid Vicinity Centres $162.5m for Mackay’s Mount Pleasant Centre.
In April, Sentinel Property Group outlaid $28m for Moranbah Fair, about 160km inland of Sarina.
Sarina Village Shopping Centre
Savills’ Peter Tyson brokered the off-market Sarina Village sale for a private investor.
“[The centre] services the daily needs of the local community with over 75pc of gross income secured by a strongly trading Woolworths supermarket and features a convenience-based tenancy mix including groceries, pharmacy, bottle shop and a Subway outlet,” he said.
The Weighted Average Lease Expiry is 5.8 years, the executive added (story continues below).
Having also recently sold Cooloola Cove (for $18.6m), Drayton Central ($34.34m) and Mt Isa Village ($44.2m) – all to SCA Property Group – the broker said “convenience-based retail centres underwritten by grocery, medical and other essential services continue proving popular with investors”.
Noosa shopping centre collects $10.95m
In a second deal, the Noosa Outlook Shopping Centre at 63 St Andrews Drive, Tewantin, has sold for $10.95m.
The vendor, Box & Co, outlaid $6m five years ago then refurbished.
Built in 1993, and anchored by IGA, it contains 1474 sqm of lettable area and 91 car parks.
The site spreads 7559 sqm.
Colliers’ Nick Dowling, Chris Maher and Jesse Howitt with Your Commercial’s Damon Lewis and Chris McLeod were the agents.
Tewantin is about eight kms from Noosa Heads.
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