Savills shifts Gold Coast shopping centre for $9.85m
More than 200 inquiries have led to the sale of a northern Gold Coast shopping centre for $9.85 million.
Monterey Keys Shopping Village, which consists of food, service and medical tenants as well as an IGA supermarket, was sold to a private investor on a yield of 6.7 per cent.
The expressions-of-interest campaign was conducted by Peter Tyson and Jon Tyson, of Savills Retail Investments.
The complex occupies a corner site at 175 Monterey Keys Drive, Helensvale, and comprises two single-level buildings set on 9961 square metres, with a current gross lettable area of about 2000 square metres.
Peter Tyson said Monterey Keys Shopping Village was well positioned to service the local residential population in the suburbs of Helensvale, 17km north of Surfers Paradise, in the Gold Coast’s high-growth northern corridor adjoining Hope Island and Sanctuary Cove.
“This sale continues a strong run of retail sales on the Gold Coast and highlights the increasing demand from investors seeking yield in a low interest rate environment,” he said.
The sale follows Savills’ sale of three Coles-anchored shopping centres at Upper Coomera, Banora Point and Mudgeeraba in recent months.
Savills last year also brokered the sale of a brand new free-standing Kmart at Oxenford at a record low yield of 5.95 per cent.
“The weight of capital-seeking, income-producing retail investment properties in the Brisbane and Gold Coast region is driving record transaction yields,” Jon Tyson said.
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