Trinity has bought a freestanding Coles anchored retail centre on Queensland?s Sunshine Coast for $2.25 million.
The 2,250 sqm complex, located in the heart of Nambour 100 kms north of Brisbane, was bought from its original developer, a private investor from the Sunshine Coast. The initial yield of 7% will be improved after a market rent review with tenants during 2007.
Trinity’s wholly-owned development subsidiary Consolidated Properties will undergo a major upgrade of the 22-year old centre. Upon completion the complex is expected to have an end value of $6 million.
Consolidated Properties project partner Toby Lewis said current tenants include Coles with a 2,000 sqm supermarket, a 100 sqm pharmacy and some vacant office space.
The property immediately neighbours Macquarie CountryWide Trust’s Nambour Plaza.
The sale of the Nambour centre to Trinity was negotiated by DTZ’s Peter Court and Savills’ Barry Ashby.
The Nambour deal follows the announcement earlier this week that Consolidated Properties has acquired the Kippa Ring Village shopping centre on Brisbane’s Redcliffe Peninsula for $31.12 million.
Australian Property Journal
