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