This article is from the Australian Property Journal archive
A FIRST-time shopping centre investor has snapped up Nambour Central on the Sunshine Coast in a $9.208 million off-market deal.
Nambour Central, on a 6,728 sqm site, has been recently refurbished and is anchored by national tenants Pets Domain, Sunshine Coast Radiology, ANZ and Commonwealth Bank, with further upside once vacancies have been leased.
It sold on a passing yield of 6.53%.
Colliers agents Harry Dever and Nick Dowling brokered the deal on behalf of PPI Funds Management.
According to Colliers, there has been a notable increase in interstate buyers, comprising 55% of retail investment purchasers of Queensland shopping centre assets year-to-date.
“Investors are increasingly seeking value-add opportunities, particularly those aligned with key drivers such as population growth and improving demographics,” Dever said.
Over the last two decades, the population of the Sunshine Coast has surged by 65% to be over 413,000 residents in 2022.
“The trend towards remote work and lifestyle preferences, coupled with housing affordability, has spurred significant migration to regional areas, positioning the Sunshine Coast as a key beneficiary,” Dowling said.
“Nambour is currently experiencing robust growth, with its demographics evolving over the past decade into a sought-after destination for young families seeking affordable housing on the Sunshine Coast, thereby bolstering retail demand.”
This is the fourth Queensland retail investment the Colliers retail middle markets have sold and settled in 2024.
