In­vestor pounces on cen­tre

The Observer - - REAL ESTATE -

CON­TIN­U­ING the strong run of re­tail sales in south-east Queens­land, a Bris­bane-based pri­vate in­vestor has swooped on the Eli Wa­ters Shop­ping Cen­tre in Her­vey Bay on Queens­land’s Fraser Coast for $33.18 mil­lion.

Peter Tyson and Jon Tyson of Sav­ills han­dled the deal, which re­flected a tight yield of 6.60%.

The 6338sq m en­closed mall is an­chored by a 3757sq m Wool­worths su­per­mar­ket with 23 spe­cialty shops and one kiosk ten­ancy.

Sit­u­ated on Mary­bor­ough-Her­vey Bay Rd, Eli Wa­ters Shop­ping Cen­tre ad­joins the Har­vey Nor­man an­chored large for­mat re­tail cen­tre at the gate­way to Her­vey Bay.

The cen­tre fea­tures 324 car parks on a two-hectare cor­ner site.

Peter said the trans­ac­tion and yield was re­flec­tive of both the strength of cur­rent mar­ket de­mand and strong at­tributes of the as­set.

“With the cur­rent tight yield pro­file in the main met­ro­pol­i­tan mar­kets, in­vestors are in­creas­ing their ge­o­graphic scope of in­ter­est and re­gion­ally lo­cated cen­tres are in­creas­ingly tar­geted by yield hun­gry in­vestors,” he said. “The pur­chaser was at­tracted to the cen­tre’s strong trad­ing per­for­mance, which is above bench­mark lev­els and the strong on­go­ing pop­u­la­tion growth in the Her­vey Bay catch­ment.

“The Fraser Coast LGA saw over 2.8% an­nual growth be­tween 2001 and 2011 with a res­i­dent pop­u­la­tion now ex­ceed­ing 100,000 peo­ple. There is sig­nif­i­cant fu­ture growth planned in and around Her­vey Bay, much of it in the Eli Wa­ters trade area at the west­ern end of town.”

Jon said the re­gion was also a pop­u­lar tourist des­ti­na­tion, at­tract­ing some 3.1 mil­lion vis­i­tor nights in 2015-2016, equiv­a­lent to more than 9000 ad­di­tional per­ma­nent res­i­dents.

“Many of these tourists are self-cater­ing and add to de­mand for food and ser­vices,” he said.

For fur­ther in­for­ma­tion con­tact Peter on

07 3002 8807.

PHOTO: CON­TRIB­UTED

SUB­STAN­TIAL HOLD­ING: Eli Wa­ters Shop­ping Cen­tre in Her­vey Bay fea­tures a 6338sq m en­closed mall an­chored by a 3757sq m Wool­worths su­per­mar­ket.

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