Fully leased Norfolk Village in Gold Coast's Oremeau sold for $9.7 million

Fully leased Norfolk Village in Gold Coast's Oremeau sold for $9.7 million
Fully leased Norfolk Village in Gold Coast's Oremeau sold for $9.7 million

Fully leased neighbourhood centre Norfolk Village in Gold Coast's Ormeau has been purchased by a Melbourne-based syndicate group for $9.7 million on a yield of nearly 7.2 per cent in an off-market deal.

Located at 174 Pascoe Road, the single-level building comprises 16 specialty tenancy retailers such as Subway, Ray White, L.J Hooker, a medical centre, dentist and bakery among others.

The centre is fully leased with the annual net income of approximately $700,000. 

Its site area is 6,161 sqm site with a total net lettable area of 1,481 sqm.

The deal was brokered by Stewart Gilchrist of Colliers International 

“Norfolk Village did not suit all investors who enquired due to the short WALE lease terms, however, it appealed to the purchaser due to its strong history of being fully leased with fixed annual rent increases,” said Gilchrist.

Tags: 
Retail Property Ormeau

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