Located in the centre of the Sunshine Coast in southeast Queensland, Nambour Central has been secured off-market by an interstate first-time shopping centre investor.
Boasting a 6,728 square metre site, Nambour Central has been recently refurbished and is anchored by national tenants Pets Domain, Sunshine Coast Radiology, ANZ and Commonwealth Bank, with the remaining vacancies yet to be leased.
Colliers Retail Middle Markets expert, Harry Dever and Colliers Sunshine Coast managing director, Nick Dowling brokered the deal on behalf of PPI Funds Management via an off-market process representing a purchase price of $9,208,000 or 6.53% yield on passing.
Dever said: “There has been a notable increase in interstate buyers, comprising 55% of retail investments sold in QLD year-to-date.’ He added, ‘investors are increasingly seeking value-add opportunities, particularly those aligned with key drivers such as population growth and improving demographics.”
Dowling added, “Over the last two decades, the population of the Sunshine Coast has experienced a significant increase, growing by 65% to be over 413,000 residents in 2022. The trend towards remote work and lifestyle preferences, coupled with housing affordability, has spurred significant migration to regional areas, positioning the Sunshine Coast as a key beneficiary.”