The Woolworths Torquay supermarket has sold for $25.1m reflecting a 3.6% passing yield.
Located on the corner of Bristol Road and Walker Street, the Commercial 1 zoned site of 7,331 sqm attracted the interest of a number of investors with an eye to potential future redevelopment options.
The freestanding, 2,980 sqm building includes a BWS store and is leased on a two-year term, expiring late in 2024 plus further options, with a passing net income of $916,029.
Woolworths has recently invested in excess of $5million of capital on the store are trading exceptionally well. The store’s occupancy cost is circa 3% and as such there is a strong likelihood of a substaintial increase in rent when Woolworths seek to extend their lease.
Stonebridge Property Group acted as sole agent on behalf of a private family that developed the supermarket in 2004 and the property was sold to a Melbourne based private investor.
The Centre is not far from a similar Woolworths based Centre which sold in March 2020 for $13.9m reflecting a yield of 7.1%.
Related Articles
