Coco's Shopping Centre, fully-leased and strategically situated on a high-profile corner site opposite the popular Carrara Markets and in close proximity to Carrara Stadium, is being offered for sale by Tender on behalf of high profile Queensland identity, Sam Coco.

Damian Hall, Senior Executive Investment Sales and David Clarke, Retail Agency Executive, both from Colliers International, are handling the sale in conjunction with Wright Property Group.

Located on a prominent 1.2ha site on major arterial Nerang-Broadbeach Road, Carrara, Coco's Shopping Centre is anchored by Maxi Grocer and supported by a range of national specialty and chain franchise companies and service outlets including Zarraffa's coffee shop, Goldstein's bakery, Carrara Medical Centre, Liquor Legends Bottleshop and Good Price Pharmacy.

Mr Hall said the centre was a solid investment due to the number of long term tenancies in place  and with Maxi Grocer having just committed to a long-term lease and an extensive re-fit of the ex-Coco's tenancy.

Coco's Shopping Centre has an estimated fully-leased annual net income of about $1,573,500, having had an extensive refurbishment and extension in 2008.

"Coco's has operated successfully on the site for over fifteen years and Maxi Grocer is perfectly placed to build upon the past success enjoyed by this high-profile Centre."

The Maxi Grocer is holding its grand opening this Saturday, 26^th June.

Mr Clarke said the centre was extremely well-presented, robust and well-constructed and in a desirable location.

The 1.2ha island site has ample onsite and street side parking.

"The weighted average lease expiry of this centre is higher than many similar assets, due to the recent expansion, and will therefore be a more secure asset than other comparable properties," Mr Hall said.

Tenders are being accepted up until 4pm on Thursday, 22 July 2010.

Carrara  is a central suburb of the Gold Coast located on the southern bank of the Nerang River, just eight kilometres from Surfers Paradise. The suburb's central location as well as its proximity to the M1 Motorway and Gold Coast attractions has made it popular among home buyers and demand in the area has increased accordingly.

 

-ENDS -

For further information please contact:

Susan Epp
Communications Manager l Queensland
Tel: +61 7 3026 3322
Mob: +61 434 573 026  
Email: susan.epp@colliers.com 

Damian Hall
Senior Executive l Investment Sales
Tel: +61 7 5588 0241
Mob: +61 422 637 796  
Email: damian.hall@colliers.com 

David Clarke
Executive l Retail
Tel: +61 7 5588 0229
Mob: +61 434 575 374