A Minyama retail complex comprising five tenancies has been sold for 12.05 million after being divested by WA investment firm Properties and Pathways.

Situated at 1 Eden Street, the 3,212-square-metre retail complex is positioned on a 5,838 square metre corner site and is anchored by national tenants including Mr Toys Toyworld, Snooze and Carpet Call. 

CBRE’s Darren Collins, Peter Rossi, Rem Rafter and Tony Justo negotiated the competitive Expressions of Interest campaign on behalf of Property & Pathways, with the sale price reflecting a value uplift of $2.13 million from when it purchased the property in 2015. 

At a glance:

• A retail complex at 1 Eden Street, Minyama has been sold for $12.05 million, reflecting a yield of 7.06 per cent.
• The property was purchased by a private, Victorian-based investor following an Expressions of Interest campaign conducted by CBRE's Darren Collins, Peter Rossi, Rem Rafter and Tony Justo.
• The 3,212-square-metre retail complex is positioned on a 5,838sqm corner site and is anchored by national tenants including Mr Toys Toyworld, Snooze and Carpet Call. 

Cal Doggett, Managing Director of Property & Pathways, said the company jumped at the opportunity to secure the asset in 2015.

"The compelling property fundamentals underpinning the site, the retailers and the location, allowed us to create and ultimately execute on our investment strategy which delivered our investors a very welcome return of circa 53 per cent over 4 short years," he said.

"This is spurring a pipeline of investor demand for our structured syndicate opportunities.” 

The property, which was purchased by a private Victorian-based investor, was sold with a WALE of 4.17 years and at a 7.06 per cent yield. 

Mr Collins said the sale result was testament to the strength of the Sunshine Coast’s property market. 

“The five-week Expressions of Interest campaign generated widespread buyer interest from private investors across the nation, resulting in 127 enquiries and eight offers at the close of the process,” he said. 

“Of the final top three offers received at the close of the campaign, there was a variance between the third-placed offer and top offer of only $20,000 or 0.16 per cent of the eventual sale price - highlighting the strength of the campaign and investment appetite for the asset.”      

Mr Justo said the Sunshine Coast was one of Australia’s fastest-growing regions, with an economy worth $17.7 billion in the 2017-2018 financial year outpacing most Australian regional economies.

"This is further fueled by strong growth projections over the next 20 years off the back of huge infrastructure spend, including the $347 million airport expansion, which is currently underway,” he said.

"More recently, there has also been $1.2 billion spent on the new health precinct amongst numerous other key projects."

The transaction follows the sale of the Oasis Centre in Noosa earlier this year for $6.8 million. The property, which was purchased by a private investor, is a popular tourism spot, comprising both retail and office tenancies.  

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