South Nowra Service Centre, 190-198 Princes Highway.
APN Property Group has sold the South Nowra Service Centre ahead of auction to a private Sydney investor for $11.32 million and a record net initial yield of 5.09 per cent.
The newly completed service centre at 190-198 Princes Highway, South Nowra comprises two separate lots across 7,012 sqm and is home to a freestanding Hungry Jack’s restaurant and a Shell Coles Express with an attached Subway restaurant. The properties benefit from long term leases of 15 years.
James Wilson, Harry Bui and Alexander Elliott of Colliers International negotiated the sale with James Wilson saying “This record result highlights the strong appetite for high quality retail investments that offer long term security to quality national tenants and depreciation benefits.” The sale eclipses the previous sharpest yield for a service centre nationally.