This article is from the Australian Property Journal archive
A FULLY leased Toowoomba shopping centre sold to a Melbourne-based investor for more than $14 million, following a hotly contested campaign which attracted local, interstate and offshore players.
The Wyalla Plaza at 236A-238A Taylor St Newtown was sold by Ray White Commercial’s Stephen Kidd and Peter Marks, on behalf of a local businessman.
The sale price reflects a yield of approximately 7.0%.
Kidd said the marketing campaign for Wyalla Plaza attracted strong local, interstate and international interest.
“Wyalla Plaza is 100% leased and includes a service station, medical centre and a total of 25 tenants.
The property is returning net rental income of more than $1 million per annum and offers opportunity for further growth. Tenants include Puma, Domino’s Pizza, Downs Rural Medical and Malouf Pharmacy as well as a diverse range of other businesses. The plaza has had a stable tenant history since opening in the early 1990s,” he added
The single level convenience centre comprises a gross floor area 3,995 sqm of space and 172 car parks, set on a land area of 14,028 sqm.
Marks said there is currently a strong appetite for investment in Toowoomba with the city of approximately 163,000 people enjoying a bright economic future underwritten by primary industry, natural resources, education and tourism sectors.
“Toowoomba is currently experiencing an influx of major infrastructure developments totalling more than $10 billion.
“With unrivalled road, rail and air connectivity now on the region’s doorstep because of the Brisbane West Wellcamp Airport, the Toowoomba Second Range Crossing and the Melbourne to Brisbane Inland Rail Project, Toowoomba is set to become a transport and logistics hub for regional Queensland.
“Reflecting their support and understanding of the economic strength and growth of the Toowoomba and Darling Downs region, QIC has just invested in a $550 million redevelopment and expansion of the Grand Central and Gardentown shopping centres, making Toowoomba home to a modern regional sized shopping centre.” Marks said.
Australian Property Journal
