A Victorian-based private investor has bought the Emu Park Village shopping centre in central Queensland for $17.95 million, reflecting a 5.47% yield.
The modern neighbourhood shopping centre was located at Emu Park, about 45 kilometres northeast of Rockhampton and 15km south of Yeppoon.
The asset comprised 2,795 sqm of lettable space and was leased by Drakes Supermarket, plus four specialty stores including a café, chemist, tobacconist and a first-floor office.
Some 95% of the centre’s gross lettable area was leased to national or chain traders.
Savills’ Jon Tyson and Michael Harcourt handled the sale, which attracted more than 100 enquiries and multiple offers to purchase.
“This property attracted solid interest due to the dominant and compact nature of the centre as well as the region’s strong economic growth fundamentals,” Tyson said.
“The Capricorn Coast and Rockhampton region has seen ongoing population growth over recent years and is forecast to keep growing strongly underpinned by sea-change and lifestyle minded residents driving the (relatively affordable) housing market and in turn which underpins demand for food and service requirements.”
Harcourt said the region’s construction boom, which included several multi-million-dollar infrastructure projects, had made the area a popular investment location.
He said buyers were seeking to acquire stable daily needs assets, as interest rates rose.
The Savills Retail Investments team recently handled the sales of the Woolworths-anchored Sarina Village Shopping Centre and Woolworths Mt Isa for $13 million and $16.9 million, respectively.
Other Queensland retail deals include SCA Property Group’s purchase of the Brassall Shopping Centre in Ipswich for $46.5 million and the Port Village Shopping Centre in Port Douglas for $36 million this week.
Earlier this month, Whistle Funds Management sold the Highfields Plaza neighbourhood mall near Toowoomba for $16.3 million
Last month, ISPT purchased the Caloundra Village retail centre on the Sunshine Coast, while QIC recently settled on the sale of its half stake in the Westfield Helensvale shopping centre on the Gold Coast for $185 million.