SHOPPING CENTRE AT MIAMI SELLS

A NEIGHBOURHOOD centre on the southern Gold Coast is off the shelf after changing hands for almost $32 million.

Miami One Shopping Centre, fronting the Gold Coast Highway on a 7829sqm site, has been bought by the listed Shopping Centres Australasia (SCA) Property Group.

Anchored by a Coles supermarket, the 4669sqm retail asset also has 29 specialty stores and 205 basement car parks. It was sold 96 per cent occupied for $31,887,116 on a net passing initial yield of 6.4 per cent.