Toowoomba shopping centre sells for more than $14 million on a strong yield

A fully leased retail centre in Queensland’s largest inland city, Toowoomba, has sold for more than $14 million on a robust yield of 7 percent. 

Wyalla Plaza at 236A-238A Taylor Street, Newtown returns a net rental income of more than $1 million per annum and offers opportunity for further growth, according to its description. 

Tenants include Puma, Domino’s Pizza, Downs Rural Medical and Malouf Pharmacy among others. 

The property was sold through agents Stephen Kidd and Peter Marks of Ray White Commercial to a Melbourne-based investor. 

Kidd said the marketing campaign for Wyalla Plaza attracted strong local, interstate and international interest.

“Wyalla Plaza is 100 per cent leased and includes a service station, medical centre and a total of 25 tenants,” he said.

The property has a land area of 14,028 sqm and a gross floor area of 3,995 sqm. 

Marks said there is currently a strong appetite for investment in Toowoomba with the city of nearly 163,000 people enjoying a bright economic future underwritten by primary industry, natural resources, education and tourism sectors.

“Toowoomba is currently experiencing an influx of major infrastructure developments totalling more than $10 billion,” he said.