A modern neighbourhood shopping centre at Emu Park on the Capricorn Coast has been sold for $17.95m following an Expressions of Interest campaign, adding further to the region’s prospering property market.
Savills’ Jon Tyson and Michael Harcourt handled the sale of Emu Park Village Shopping Centre located approximately 45km north-east of Rockhampton and 15km south of Yeppoon.
Emu Park Village comprises 2,795sqm of lettable space leased by a strongly trading Drakes Supermarket plus four specialty stores including a café, chemist, tobacconist, and a first-floor office with 95% of the Centre’s GLA leased to national or chain traders.
Savills Director of Retail Investments, Jon Tyson said the property sold to a Victorian based private investor at a sharp yield of 5.47 per cent after attracting over 100 enquiries and multiple offers to purchase.
“This property attracted solid interest due to the dominant and compact nature of the centre as well as the region’s strong economic growth fundamentals.” Mr Tyson said.
“The Capricorn Coast and Rockhampton region has seen ongoing population growth over recent years and is forecast to keep growing strongly underpinned by sea-change and lifestyle minded residents driving the (relatively affordable) housing market and in turn which underpins demand for food and service requirements”
Michael Harcourt added further by saying, “the region’s construction boom including several multi-million-dollar infrastructure projects has made the area a popular investment location as buyers seek to acquire stable “daily needs” assets as interest rates rise.”
Savills’ Retail Investments team have had a strong run of sales within regional Queensland in recent times with transactions including the Woolworths anchored Sarina Village Shopping Centre which sold for $13M and Woolworths Mt Isa for $16.9M respectively.
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