Miami shopping village sells for $5.3m

August 2010

A convenience shopping centre in the emerging Miami business hub has sold for $5.3 million.

The Miami Village Shopping Centre on Mountain View Avenue, netted a nine per cent return following a sale to a private investor.

The centre has around 1579sqm of leasable space on a 7160sqm block and offers extensive on-site customer car parking, wide street frontage and features an on-site petrol station.

The 15 tenancy property boasts strong retail and restaurant tenants, including a SPAR grocery store with sub newsagency, butcher shop, BWS bottle shop, medical centre, real estate agency, hairdresser and Network Video store, as well as several informal dining and take away restaurants.

Commercial specialist Tony Grbcic of Just Real Estate Investments sold the property.

“This is an excellent buy in a well-frequented shopping centre which services both Miami locals and visitors from the wider Gold Coast area,” says Grbcic.

“It has always held long lease tenants and has huge future growth potential. This burgeoning business hot spot has the right mix of services and retail outlets to serve its growing market.”

Grbcic says he now has a strong active buyer database of active investors and received ‘many’ expressions of interest.

“Make no mistake, the buyers are out there,” he says.

“Through the strong negotiation process that we undertook we identified a number of buyers looking for a similar property to the Miami Shopping Centre. We are now actively looking for similar shopping centre property that meets our buyer’s expectations.

“We have a massive database of qualified investors who are looking for the right property and are able to make an immediate purchase decision. The market is steady and recovering with savvy investors making astute investment decisions when the opportunities arise.”