Fast food and convenience centre in Rockhampton has sold for $5.55 million to a Brisbane based real estate investment trust (REIT). Colliers International sold the property on behalf of Sandhurst Trustee Ltd via an expression of interest campaign.
Stephen Kidd, Director of Retail Investment Sales at Colliers International who marketed the 111 George Street property said the prominent highway CBD corner location was just one of the factors that appealed to the buyer.
“Completed in 2007 the modern retail centre is in a great condition and occupied by a solid mix of seven national brand tenants with long term registered lease covenants. The site also has future potential to be re-developed allowing construction of up to three levels of mixed use premises.
“Strong food and service tenancy mix and steady future income growth made the centre a very feasible investment attracting 87 enquiries and 12 offers during the five week campaign. The property attracted a wide variety of attention ranging from a local Rockhampton syndicator, Brisbane, Gold Coast and Victorian investors and eventually was sold to a Brisbane based REIT.
“The retail centre was a strategic investment for the buyer, and they were so pleased with this acquisition that they are currently in the market looking for regional retail investments of up to $30 million with value add and refurbishment potential. During these transactions this particular REIT utilises their financial and retail tenant relationships to reach an outcome that works for both the vendor and for their investors,” said Mr Kidd.
Tenants occupy 1,400sq m of net lettable area and include Pizza Hut, Wok Me, Doctor’s Surgery, Night Owl, Australian Sports Nutrition, Discount Drug Stores and The Coffee Club.