Business

Shopping complex sells for $17.5 million

A HERVEY Bay shopping complex has been snapped up by a Melbourne based for $17.5 million.

The Victorian investor, who requested to remain anonymous, bought the Bay Central Shopping Centre at 135 Boat Harbour Drive, directly opposite Stockland Hervey Bay. 

The firm also aquired adjoining parcel of vacant land for $1.7 million on a 12 month deferred settlement, which could be used for any future expansions.

The three plazas have six major banking institutions: Westpac, NAB, Suncorp, Commonwealth Bank, Bank of Queensland and ANZ, contributing to more than 50% of gross rental income for the centre.

Stewart Gilchrist of Colliers International and Linda Bland of Century 21 Hervey Bay jointly marketed the shopping centre for sale via expressions of interest campaign.

Mr Gilchrist said Bay Central contains all the ingredients of a quality property investment.

He said that while it didn't contain a supermarket it does contain an above average component of quality national retailers.

"That coupled up with population growth dynamics of Hervey Bay, which is well above the Queensland average, are great components of a long term stable investment," Mr Gilchrist said.

"Regional shopping centres remain very tightly held, with the demand from the investment community far outweighing the number of assets available on the market. Interest is coming from all sectors of the market institutions, syndicates, property trusts and private individuals," said Mr Gilchrist.

Bay Central was originally owned by CRI Bay Central Project Pty Ltd, a subsidiary of Melbourne based Hostplus. Spiros Deftereos of Hostplus said the property was not core to their property portfolio so the decision was made to sell it.

Whilst the purchaser wished to remain anonymous, it is believed they have a long history in Hervey Bay and the acquisition of Bay Central complemented the other properties they already own in the immediate vicinity.
 

Topics:  sale



Girls prove Fraser Coast is a hotbed for rugby talent

OPPORTUNITY: Fraser Coast rugby pair Jade Golchert and Jakara Miller.

Fraser Coast was represented by three players at state U17 trials.

No rough oceans ahead for Pier2Pub Swim

READY: Councillor Darren Everard, who has organised the Hervey Bay Pier2Pub for the past six years, will also be participating in the swim this Sunday.

VIDEO: The event will run on Sunday from 8am at the Hervey Bay SLSC.

Meet the Fraser Coast Chronicle's newest journo

Blake Antrobus.

I'm now one of the new reporters at the Fraser Coast Chronicle.

Local Partners

Marvel's Luke Cage S1E4: Step In The Arena review

Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Rob Kardashian admits his first crush was his sister Kim

Rob Kardashian once had a crush on his sister Kim Kardashian West.

Marvel's Luke Cage S1E3: Who's Gonna Take The Weight

Mahershala Ali in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Marvel's Luke Cage S1E2: Code of the Streets review

Simone Missick and Mike Colter in a scene from the TV series Marvel's Luke Cage. Supplied by Netflix.

*WARNING: spoilers if you haven't seen Marvel's Luke Cage*

Kim Kardashian West 'sick of talking about Taylor Swift'

Kim Kardashian West is sick of talking about Taylor Swift.

Justin Bieber ordered to attend Miami deposition

Justin Bieber has been ordered to travel to Miami for a deposition

Restaurants soon to be announced at new Gunalda servo

NEW STATION: The Gunalda Service Centre, owned by United Petroleum, will include a 350-seat eating area and a truckers lounge.

Which business would you like to see open in the new centre?

Beach-side real estate starts at $85k on Fraser Coast

HERVEY BAY REAL ESTATE: You can buy this townhouse in Scarness for under $300k.

Live your beach-living dream locally.

$40million hotel, shops development project for Mackay

Mt Pleasant hotel and retirement accommodation, proposed at 194-202 Malcomson St.

$40m development to take Mackay to 'the next level'

Huge Gunalda service station set to open by December

NEW STATION: The Gunalda Service Centre, owned by United Petroleum, will include a 350-seat eating area and a truckers lounge.

The massive servo is the biggest United development in Queensland.

Property leader says Fraser Coast market is looking up

Positivity is the buzz word in the Fraser Coast housing market

Property 200m from ocean selling for just over $100K

BEACHCOMBER PARK: Work has started on a new $19.2 million development at Toogoom.

The estate's developer is offering huge discounts for early buyers.