Sorrento’s Riviera Shopping Centre sells for $2.4M

PRIVATE Queensland investors have snapped up the Riviera Shopping Centre in the Gold Coast suburb of Sorrento for $2,400,000.

The asset, which included six tenancies, a 465sqm* building area, and was owned by private Victorian investors for over 30 years, was sold on a yield of 4.28 per cent.

The property was marketed and sold by Ray White Commercial QLD Managing Director and Partner Michael McCullagh and Investments Sales Agents Michael Feltoe and Lachlan O’Keeffe.

“The asset was sold to an experienced shopping centre investor who was drawn to the asset due to rental reversion opportunities and development upside,” Mr McCullagh said.

“There has been a limited number of shopping centres offered to the market in recent months and this transaction is a very positive sign of demand for both passive and value add shopping centres in metropolitan areas,” Mr Feltoe said.

“The sale reflects an exceptionally tight yield of 4.28 per cent which we confirm was based on the fully leased net income and not the passing income,” Mr O’Keeffe said.

“Riviera Shopping Centre is a suburban retail complex comprising of six tenancies on a 2,258sq m* landholding with three street frontages.”


Up to Date

Latest News

  • Coffs Harbour Motel on Massive Land Parcel For Sale

    Insolvency and restructuring expert, Bill Karageozis of McLeod and Partners has appointed leading specialist brokerage firms Ray White Commercial Queensland and HTL Property to sell Coffs Motel and Villas, located at 209 Pacific Highway, Coffs Harbour. Bill Karageozis of McLeod and Partners was appointed as the Liquidator to the asset … Read more

    Read Full Post

  • 4 Reasons to Sell at the Summer Auction Day

    Take Advantage of the Strong Selling Conditions 10 of our most recent on market campaigns averaged 143.6 buyer enquiries, 8.3 registered bidders/offers, with yields as tight as 3.81% and some prices 20% above owners price expectations. These results continue to defy media headlines and market speculation. All of our Ray … Read more

    Read Full Post