SCA Property Group has exchanged contracts with a private investor group to buy the Whitsunday Shopping Centre in Airlie Beach.
Just over 1km from the town centre, it is anchored by a Coles, Target Country and 46 specialty shops.
The centre, purchased on a passing yield of 7.25 per cent and with a two year rental guarantee from the vendor, is due to settle on Friday.
SCA said the centre’s acquisition would be funded by cash and debt facilities.
PRICE: $46.98m
BUYER: SCA Property Group
YIELD: 7.25 per cent
AREA: 11,043sq m (gross lettable area)
AGENT: Jacob Swan and Sam Hatcher, JLL Queensland
http://www.theaustralian.com.au/business/property/qld-retail-sale-226-shute-harbour-road-cannonvale/story-fnitinnf-1227303931141?sv=7c49823da3de40d55d6b60243136897d
More than 13,000 cruise passengers passed through Shute Harbour Marine Terminal across three consecutive days, delivering a significant boost to local businesses and tourism operators across the Whitsundays. The large-scale cruise operations supported activity across transport, tours, retail and hospitality, generating strong flow-on benefits for both small and large businesses … Read more
The Reserve Bank has raised the cash rate by 0.25 percentage points today, responding to inflation that remains above target and an economy that continues to run too strongly for the Bank to be confident price pressures will keep easing on their own. Inflation surged late last year and, while … Read more