This article is from the Australian Property Journal archive
BRISBANE-based private equity firm and syndicator Altor Capital has bought the Cooloola Cove shopping centre for $12.85 million, from a Sydney-based investor.
The off market transaction was handled by Savills’ Peter Tyson & Jon Tyson.
Located in the Cooloola region north of the Sunshine Coast in south east Queensland, the single level neighbourhood shopping centre was completed in July 2009 and has a lettable area of approximately 4,300 sqm, anchored by Woolworths with 10 specialty tenants along with grade level car parking for 233 vehicles.
Altor Capital director Phil Rhodes said that the property was well suited to their investment model.
“We were attracted to the yield and growth potential, underpinned by long lease security to Woolworths and the ongoing population growth,” he said.
Peter Tyson said that Cooloola Cove shopping centre is a dominant food and service destination situated in a wide ranging trade area.
“Located in the master planned residential community of Cooloola Sands the centre services an expansive trade area which services the nearby communities of Tin Can Bay and Rainbow Beach.
“Neighbourhood centres anchored by Coles or Woolworths in the sub $15 million price point are becoming more scarce over time,” Tyson said.
Australian Property Journal