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.”