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SCA Property Group has acquired the Worongary Town Centre for $46.3 million, bringing the total number of Gold Coast centres owned by the group to three.
The sale, brokered by Peter Tyson and Jon Tyson of Savills, reflected a yield of six per cent and generated over 200 buyer enquiries.
Featuring 42 retail, medical and office tenancies, the 6900sqm centre has been developed in stages from 2004. The most recent development was completed in 2016.
In April SCA also purchased the Mudgeeraba Market complex for $35.8 million.
The company now operates and manages 75 shopping centres across Australia, with a combined value of more than $2.364 billion.
Peter Tyson says SCA were attracted to the Worongary Centre because of its capacity for growth in the near future.
"SCA was attracted to Worongary's strong trade area dynamics, with population growth projections forecast to exceed four per cent annually over the next decade," says Tyson.
Director of Retail Investments in Queensland at Savills, Jon Tyson, says demand for assets like Worongary will not dissipate any time soon.
"Demand for neighbourhood centres which feature solid fundamentals, including strong anchor tenant performance and good population growth, remains robust and we don't foresee this market demand wavering for the balance of the year," says Tyson.
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