BROCKE Hambrecht and the Ray White Commercial Northern Corridor Group team have successfully sold the entire retail component of The Mill Central Precinct's first mixed-use development.
 
In a real vote of confidence for the region, all units at 6 – 10 Whites Road, Petrie, were purchased off-plan by southern investors willing to absorb short-term vacancy risk, in exchange for what they see as inevitable longer-term growth.

At a glance:

• All retail units at 6 – 10 Whites Road, Petrie, sold off-plan to southern investors
• The retail sold for $4,315 per square metre
• The vacant assets form part of a mixed-use development featuring 28 units and 354 square metres of ground floor retail space

It has actually been surprising that out-of-state buyers were first to act, while local investors, who can actually touch and feel the progress going on here every day, were too slow to move,” Hembrecht said.

The mixed-use design model is a proven formula in most major cities, but this complex with 28 residential units and five strata retail tenancies, is the first example within the new Mill Central Precinct.

Ray White Commercial Northern Corridor Senior Investment Analyst Ashley Rees believed this was a sign of a new trend in commercial investment for the region.
 
"We expect to see more of this speculative investment into vacant properties,” Rees said.
 
“Competition is just too fierce for the traditional secure investments, and fear of vacancy is dwarfed by the confidence in the robust growth of the Northern Corridor."
 
The retail units sold are part of a mixed-use development featuring 28 units and 354 square metres of ground floor retail space.

As the first new project under construction in the Mill Central Precinct of The Mill Priority Redevelopment Area, the project is centrally located in the heart of the Petrie Town Centre.

Situated between the Petrie Town Centre at the intersection of the busy Gympie & Dayboro Roads and Anzac Avenue and the Petrie Train Station, the property is ideally located to benefit from passing traffic.

The retail asset is also perfectly situated to benefit from the opening of the University of the Sunshine Coast Petrie Campus at The Mill in 2020 which is expected to accommodate 10,000 students by 2030 growing to 20,000 at full operation.

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