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High profile developer Pellicano Group has sold the final strata lot in its 10 Capital Place, Birtinya project for $4,475,000.
The Building 1 allotment has a gross floor area of 1,137sqm, which is split into three separate tenancies and leased to national tenants Totally Workwear, Fire Fit and Jetts Fitness.
It was sold and settled in a deal brokered by CBRE Sunshine Coast’s Matt Marenko and Jack McCormack. Over 90 enquiries were received during the campaign, with five offers presented when the Expressions of Interest closed.
Mr Marenko said, “We attracted a large range of enquiries, primarily from Brisbane, Sydney and Melbourne, from buyers who perceive the Sunshine Coast to be a safe investment option given the extremely low vacancy rates across all sectors of the Sunshine Coast property market, coupled with the region’s rapidly growing population.”
Mr Marenko said the property had been purchased by a private investor from Melbourne who used the services of a buyers’ agent to assist them with due diligence. The sale price reflects a yield of 6.23%, with a longer settlement negotiated to allow the seller to receive further rental income.
Pellicano Group constructed the Birtinya complex in 2009 as 15 tenancies before electing to strata-title the complex in 2020 into five lots.
Mr Marenko said the sale was evidence of strong demand retail investments in the Sunshine Coast region, despite a tightening debt market.
“The increased cost of borrowing from the start of the campaign to the close did have an effect on the yields investors were prepared to offer,” Mr Marenko said.
“The Sunshine Coast really stands on its own in terms of results given the dynamics of supply and demand in the region. With the exception of Stockland’s Aura project there are virtually no future land releases in the region, and there is still strong demand for retail, commercial and industrial assets.”
