Gold Coast's Banora Central Shopping Centre sells for $19 million
Michael CrawfordDecember 7, 2020
The Banora Central Shopping Centre, south of the Gold Coast, has sold for $19 million to a private investor at a passing yield of approximately 6.49%.
The 13,340sq m site on the corner of Leisure Drive and Fraser Drive at Banora Point, was built in 2007 and features a Coles supermarket, three specialty shops, one kiosk and two ATMs and extensive partly covered grade-level parking.
Jon Tyson of Savills said with only four specialty tenants, the asset offered strong income security and little or no leasing risk.
"This feature, coupled with a low management requirement, was of particular appeal to investors," he said.
"It was this income security and ease of management that set the centre apart from other assets."
Michael Crawford
Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.