This article is from the Australian Property Journal archive
FABCOT Pty Ltd, a subsidiary of Woolworths, has sold a brand new supermarket at Airline Beach in Queensland's Whitsundays to a private investor for $13.1 million on a yield of 6.95%.
The recently opened supermarket was sold with a 20-year lease to Woolworths, with eight additional five-year options, initially expiring in June 2034. The fully leased net income is $910,830 p.a.
The property comprises 2,929 sqm in GLA and 208 at grade parking on a 12,820 sqm site. There is also potential for future expansion, with indicative plans for an additional 360 sqm of supermarket space and 960 sqm of specialty stores.
Woolworths bought the property as a development site from Queensland Resorts Pty Ltd, a subsidiary of Trustees Australia Limited, for $3.587 million in February 2013.
JLL’s Jacob Swan and Sam Hatcher negotiated the sale.
Australian Property Journal
