Woolworths sell near new Queensland mall

The 1.94 hectare site at the corner of Bellmere Road and River Drive.

Woolworths’ development arm Fabcot has sold an 11 month old mall in the Caboolture West growth corridor, between Brisbane and the Sunshine Coast.

The Warbu-Bellmere Shopping Centre, on 1.94 hectares at Bellmere, traded for $37.75 million – a 5.52 per cent net passing yield – to Melbourne based Maliku Group.

The supermarket is the anchor, for 71pc of the 5164 square metres of lettable area.

Its initial lease expires in 2033.

There are also 15 specialty stores, including one rented to Snap Fitness, a playground and alfresco dining area.

CBRE’s Michael Hedger and Joe Tynan were the agents.

Bellmere is about 55 kilometres north of Brisbane and 65km south of Maroochydore.

PPI sell Nambour Central

Meanwhile, PPI Funds Management has sold Sunshine Coast’s Nambour Central for $9.208m – a 6.53pc passing yield (story continues below).

It paid $3.8m it paid in 2009.

Servicing a catchment of about 15,000, the property contains 3196 sqm with five tenancies including a Commonwealth Bank branch, pharmacy, Millers and two storey office suite.

Records show the buyer is Ricardo & Co Pty Limited, based in Canberra, at the office of café owner Rick De Marco.

It is the purchaser’s first major commercial property investment.

PPI retains the Nambour Plaza, next door, which it picked up at the same time as Nambour Central.

With 11,282 square metres, it is anchored to Woolworths with some 40 specialties.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.