A Sydney-based private investor has snapped up an IGA anchored convenience centre in Pottsville, purchasing the asset for $10.2 Million.
The property was sold at a yield of 4.58% at an auction handled by joint agents Geoff Sinclair and Michael Collins of Cushman & Wakefield and Jon Tyson and Michael Harcourt of Savills.
Comprising five tenancies including an IGA and situated within the Northern Rivers region of Northern New South Wales, the sale demonstrates the depth and strength of investor appetite for quality convenience retail investments.
Geoff Sinclair of Cushman & Wakefield said there were seven registered bidders for the property
“This non-discretionary retail asset was hotly contested for at auction with multiple interested buyers and some very rapid bidding. The neighbourhood centre attracted strong interest locally and nationally as the centre was underpinned by supermarket and liquor tenancies”. Mr Sinclair said.
Savills’ Jon Tyson said the property was highly desirable because of its strong trading history and future development potential.
“The Centre is the dominant convenience retail centre in its catchment and occupies a gateway location in the heart of Pottsville. It also features future development upside by virtue of a flexible zoning allowing development up to 3 storeys,” Mr Tyson said.
Pottsville is located in the highly desirable far north coast of New South Wales within 42k from Byron Bay and 33km from the Gold Coast Airport.