Bundaberg Centre sold on 8% yield

A Foodworks based Shopping Centre in Bundaberg has sold to local investors on an 8.1% passing yield.

The Southside Central Shopping Centre in Walkervale comprises 2,616sqm of NLA with 8 tenancies, a Foodworks supermarket and 151 car parking spaces. The property generates a fully leased net income of $958,851 and was sold for $11.8m. The Centre currently has 1 vacant tenancy.

The property offered exposure to non discretionary retail tenancies with good frontage to major arterial roads with direct access via both Walker and Barolin Streets.

The Centre competes with approx 10 supermarkets across the Bundaberg catchment area.