Savills News

Gold Coast medical centre sells for $6.5 million

A brand new medical and convenience-based retail centre in Pimpama has sold to a local investor for $6.5 million.

A brand new medical and convenience-based retail centre in Pimpama has sold to a local investor for $6.5 million.

The Go Zone Exit 49 complex is situated off the M1 Pacific Motorway on Yawalpah Road at the entrance to the rapidly expanding suburb of Pimpama and features a medical centre plus a range of convenience retailers including liquor and casual dining traders.

The sale reflects a 6.5% yield and was negotiated by Jon Tyson and Michael Harcourt of Savills Retail Investments.

Local developer, Property Solutions, developed the Centre following the completion and earlier sale of the adjoining 7Eleven Service Station and Coffee Club.

Mr Tyson said the Go Zone Exit 49 medical and convenience centre sold off-market immediately after construction was completed.

“The property was intended for a formal marketing campaign but was snapped up by a local investor immediately after completion,” Mr Tyson said.

“The brand new centre is 100 percent leased and features a long lease expiry profile of over 7 years with over 50% of the income secured by the medical centre anchor tenant,” he said.

The property occupies a high profile position off Exit 49 of the Pacific Motorway at the Gateway to Pimpama on the homebound corner of Attenborough and Yawalpah Roads.

Mr Harcourt said Pimpama is one of the fastest growing regions in Australia.

“Pimpama was the fifth fastest growing SA2 region in Australia over the 2017-2018 period with a population growth of 29.5% over the year and more than 5,500 dwellings planned or currently under construction in the region,” Mr Harcourt said.

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