Gladstone Shopping Centre Sells for $18.5m
Tannum Central Shopping Centre located near Gladstone has sold in an active retail market for $18.5m reflecting another record yield in regional Queensland of 4.90%.
Savills’ Peter Tyson and Jon Tyson handled the off-market deal on behalf of Sydney based boutique fund manager Whistle Funds Management, who originally acquired the centre in 2011.
The deal follows other recent divestments by the group, including a freestanding Woolworths supermarket in Narrabri, NSW, as well as the Coles anchored Highfields Plaza, near Toowoomba which also sold at record yields of 4.40% and 4.86% respectively.
Whistle Funds Management Managing Director, Andrew Vize commented “Our group investment strategy has been to invest in daily-needs retail assets in counter-cyclical markets. With these divestments we sought to capitalise on the current favourable market conditions crystalising significant value uplift in addition to strong income through the holding period of each fund.”
Peter Tyson said “Tannum Central sold quickly to a local private investor following a short off-market sale process and reflected another record yield outcome.”
“Neighbourhood retail assets remain popular across the Country and this result reflects the strong demand for the asset class”, Jon Tyson said.
Built in 2004, Tannum Central is an open neighbourhood centre totalling 4,403 sqm GFA and is anchored by a 2,591 sqm Coles supermarket with 14 specialty tenancies.
The centre services the dual township of Tannum Sands and Boyne Island, which are located 25 kilometres south of Gladstone.
