Great Barrier Reef gateway major shopping centre for sale
INVESTORS looking to purchase their very own pub, bottle-shop and shopping centre need look no further with expressions of interest having been announced for the purchase of Keppel Bay Plaza in Yeppoon yesterday.
The shopping centre, situated along the main retail strip of Yeppoon CBD in Central Queensland has been announced for sale through JLL's Jacob Swan and Sam Hatcher in conjunction with CBRE's Joe Tynan and Michael Hedger.
The property was last purchased for $28.1 million in 2016 by Real Asset Management services group (RAM).
The property is anchored by Coles Supermarket (2,539sqm), the recently renovated Railway Hotel and Star Liquor Warehouse, the centre is further supported by Target Country and 19 specialty tenants.
The complex began trading in 1978 and received a refurbishment in 2013 with a new floor plan, ceiling upgrades and extensions to the car park.
Agent for the sale Jacob Swan said the Centre provides the opportunity for significant future development potential with a stabilized income profile, featuring favorable zoning retail and commercial uses.
"The Centre has been recently enhanced through an active tenant remixing strategy, extensive capital works program and defensive ancillary land acquisitions with the outcome a now stablised and protected neighborhood centre that is set up for its next phase of embedded growth," he said.
"Keppel Bay Plaza enjoys a high profile location along James Street, to the South-East of the intersection with Park Street. James Street and Park Street are arterial roads throughout Yeppoon, connecting with Tanby Road to the south, linking with the Bruce Highway and Rockhampton.
"Yeppoon is the gateway to Great Keppel Island, currently proposed for a $600million major integrated resort development, which is attracting significant interest from domestic and offshore development groups.
"Keppel Bay Plaza is well positioned to serve not only the growing residential population in Yeppoon but also the 450,000 overnight and day trip tourists visiting the Central Queensland region."
Mr Swan said the main trade area retail spending is forecast to grow at 4.50%per annum to 2031, highlighting the strong outlook for growth in the region and positive conditions for retail tenant performance (Source: Location IQ).
Keppel Bay Plaza is being offered for sale by expressions of interest closing, Thursday, November 1 at 4pm.