In a further show of confidence in the economic future of our city, the Coffs Harbour Home Central Retail Centre has sold for $11.75 million.
The 6,544 square metre bulky goods centre which houses Pillow Talk, Spotlight and the Choice Variety store has been snapped up by licensed boutique investment firm OzProp.
A major attraction for buyers was the net passing yield of 7.68% from the weighted average lease expiry of 7.8 years.
OzProp said the acquisition is representative of the enduring competitive market for this asset class which has become ingrained in the DNA of the shopping public for the product range available, substantial and convenient car parking and lower prices for consumers.
The property attracted several competitive bids early in the sales campaign before OzProp clinched the deal.
"The asset suited our investor requirements offering an attractive lease profile, robust and sustainable yield with a long lease expiry profile to established tenants," OzProp co-founder, Jorgen van Seters said.
"With a regional catchment of over 200,000, Coffs Harbour is also one of the fastest growing and most dynamic areas within regional NSW. We are pleased to have secured this asset on behalf of investors."
OzProp Managing Director Michael Parker said the company's strategy for the property includes a light refurbishment and a long-term hold.