This article is from the Australian Property Journal archive
A LOCAL private investor has acquired the Pinnacle Pines retail centre for $19.7 million, in the latest fuel and convenience asset deal on the Gold Coast.
The 7-Eleven and McDonald’s-anchored site sold on a tight 5.47% yield.
It has a gross lettable area of 1,678 sqm across four buildings and features eight other tenancies, including a Zarraffas drive-thru, Noodle Box, Baskin Robbins, Subway, medical centre, dentist and veterinary clinic.
Peter Tyson and Michael Harcourt of Savills negotiated the off-market transaction.
“We placed the asset privately as the vendor preferred a “no fuss” off-market divestment and this attracted several bids,” Tyson said.
“The centre appealed to the local buyer due to its strong tenant line up and high profile position at the entrance to the Pacific Pines community. As a master planned community, Pacific Pines has a tight planning framework and the centre hierarchy is protected,” he added.
Recent fuel and convenience asset sale including the McDonald’s and 7-Eleven service station on the Gold Coast Highway at Palm Beach for $8.525 million, in a deal also negotiated by Savills; 7-Eleven service station at Pacific Fair for $10.1 million, and the United Petroleum service centre at Labrador for $8.975 million.
“These sales are reflective of the continuing high levels of demand for high quality national tenant covenants offered by the fuel and fast food sector,” Tyson said.
Savills is offering for sale the new freestanding Coles supermarket at Pacific Pines, which the agents said is expected to be Queensland’s largest ever retail auction.
Coles Group/Property Developments developed the 3,717 sqm store, which opened in late 2016 and has a 15-year net lease to Coles.
The public auction will take place on Thursday, July 20 that the Sheraton Grand Mirage on the Gold Coast.
Australian Property Journal
