Gold Coast convenience centre sells for $9.85 million on tight yield

A shopping centre at Helensvale near Surfers Paradise has sold for $9.85 million to a private investor on a tight yield of 6.7 percent through Savills.

Monterey Keys Shopping Village’s tenants include a mix of food, service and medical stores, including an IGA Supermarket and Jetts Fitness outlet.

The sale was brokered by Peter Tyson and Jon Tyson of Savills Retail Investments following an expressions of interest campaign. 

Located at 175 Monterey Keys Drive at Helensvale, the single-level centre comprises two buildings set on a 9,961 sqm site, with the current gross lettable area of nearly 2,000 square metres representing a low site cover of circa 20 percent.

“This sale continues a strong run of retail sales on the Gold Coast and highlights the increasing demand from investors seeking yield in a low interest rate environment,” said Tyson.