Sunshine Coast shopping centre snapped up for $12.85 million

Sunshine Coast shopping centre snapped up for $12.85 million

A popular shopping centre in the Sunshine Coast has been bought for $12.85 million by Brisbane based private equity firm Altor Capital.

The shopping centre, Cooloola Cove Shopping Centre, is a Woolworths anchored neighbourhood shopping centre located in the Cooloola region north of the Sunshine Coast.

The centre is nearby the largest residential development in Cooloola Cove, Cooloola Sands, a master planned community which will be comprised of 800 homes when complete.

Phil Rhodes, the capital director at Altor, says the centre suits Altor's investment model perfectly.

"We were attracted to the yield and growth potential, underpinned by long lease security to Woolworths and the ongoing population growth," says Rhodes.

Savills' Peter Tyson, who assisted with brokering the deal, says the shopping centre is a dominant food and service destination situated in a wide ranging trade area.

"Located in the master planned residential community of Cooloola Sands the centre services an expansive trade area which services the nearby communities of Tin Can Bay and Rainbow Beach," says Tyson.

The Cooloola Cove Shopping Centre is comprised of a modern single level, neighbourhood shopping centre, which was completed in July 2009.

The Centre has a lettable area of approximately 4,300sqm anchored by Woolworths with 10 specialty tenants along with grade level car parking for 233 vehicles.

Tyson says Altor was lucky to get in when it could, before centres like Cooloola Cove are all snapped up.

"Neighbourhood centres anchored by Coles or Woolworths in the sub $15 million price point are becoming more scarce over time," says Tyson.

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