Brisbane based private equity and syndication firm, Altor Capital, has snapped up the Cooloola Cove Shopping Centre for $12.85m.
Brisbane based private equity and syndication firm, Altor Capital, has snapped up the Cooloola Cove Shopping Centre for $12.8 million.
The off-market transaction was brokered by Peter Tyson & Jon Tyson of Savills Retail Investments on behalf of a Sydney based private vendor.
Cooloola Cove Shopping Centre is a Woolworths anchored neighbourhood shopping centre located in the Cooloola region north of the Sunshine Coast in South East Queensland. The largest residential development in Cooloola Cove is Cooloola Sands, a master planned community which is proposed to ultimately comprise over 800 homes.
Altor Capital Director, Phil Rhodes said that the deal was well suited to their investment model.
“We were attracted to the yield and growth potential, underpinned by long lease security to Woolworths and the ongoing population growth,” he said.
Savills Peter Tyson said that Cooloola Cove Shopping Centre is a dominant food and service destination situated in a wide ranging trade area.
“Located in the master planned residential community of Cooloola Sands, the centre services an expansive trade area which services the nearby communities of Tin Can Bay and Rainbow Beach,” he said.
The Centre comprises a modern single level, neighbourhood shopping centre which was completed in July 2009.
The Centre has a lettable area of approximately 4,300sq m anchored by Woolworths with 10 specialty tenants along with grade level car parking for 233 vehicles.
“Neighbourhood centres anchored by Coles or Woolworths in the sub $15 million price point are becoming more scarce over time,” Mr Tyson said.